Former workers try to reopen shutdown Conn. plant
WATERTOWN, Conn. (AP) — State officials say former employees of a Watertown manufacturing plant that is shut down are hoping to reopen the business and hire 130 people.
DriveSol Worldwide Inc., a plant that made steering column shafts for the automotive industry, shut down earlier this year and 241 workers were laid off.
Former managers hope to use a $2 million state loan to buy additional machinery and intellectual property from the former parent company.
The reborn company would be called Global Steering Systems.
The loan from the Connecticut Development Authority is one of four announced Monday by Gov. M. Jodi Rell to help companies in the state retain or create jobs.
The parent company said the plant was shut down because of the severe downturn in the U.S. automotive industry.
Information from: Republican-American, http://www.rep-am.com
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