WEST HARTFORD, Conn. (WTNH) — Colt Manufacturing Company plans to add 100 jobs in West Hartford over the next five years.

Governor Malloy announced Friday that Colt plans to buy its West Hartford headquarters and manufacturing facility. The company emerged from Chapter 11 reorganization in 2016 and says it’s now positioning itself for growth.

The state Department of Economic and Community Development is supporting the expansion project through a $10 million loan, with up to $2 million forgiven if certain job milestones are met. State funds will be used to help in the acquisition of the manufacturing facility and the land, which has a total price of $13 million.