Pietro Rosa TBM, an Italian manufacturer of compressor airfoils for gas turbines and structural components, has acquired Farmington-based New England Airfoil Products (NEAP).
Pietro Rosa will retain NEAP’s workforce and is expected to create 100 new jobs in the next five years.
Pietro Rosa TBM will invest over $10 million in the Farmington facility and the Department of Economic and Community Development (DECD) will provide a $3 million low-interest loan. The funding will be used for machinery, equipment and working capital to expand production capacity. DECD aims to help the company establish local ties, according to Gov. Dannel P. Malloy’s office.
“This acquisition secures one more key step in Pietro Rosa TBM’s strategic growth plan, offering greater reach and access to its existing and new North American customer base as well as complementary manufacturing capabilities and additional capacity,” Mauro Fioretti, CEO of the Pietro Rosa group, said in a statement. “Our strategy is to continuously invest along the vertical integration path, offering engineering and manufacturing services for our customers leveraging on the integration of hot forming, machining, welding and surface finishing technologies resulting in engine-ready components. These services enable us to secure a balanced portfolio of customers and market sectors, comprising aero, marine, energy and oil and gas. We are delighted in welcoming the employees of New England Airfoil Products Inc. to the Pietro Rosa TBM family and look forward to working as a global team to support our customers and grow the business in line with our objectives.”