The insurance firm MassMutual has decided to close its operations in Connecticut. The $13 million tax credit that the Connecticut state gave the insurance giant in 2014 will also end. The 1,500 jobs offered in the Connecticut state will be moved to its home campus in Springfield.
The company spent $38 million to renovate the Bright Meadow campus in Enfield. This is the campus used as the head office for the retirement service operation. The office is a huge one spread over 65 acres of land on Interstate 61.
MassMutual spokesperson, James Lacey, said that the firm did not access any of the credits offered by the state government. It had met all its financial obligations on its own. The company has huge plans in place for Massachusetts. It is planning to provide 2,000 jobs and $300 million investment in Boston. The Springfield headquarters will get a $50 million fillip and also 1,500 jobs from the Enfield campus.
MassMutual will build a new office in its own land at Fan Pier in Boston. The company is expected to run the show in Boston with 1,000 workers.
The insurance giant will also be closing its shop in Charlotte, North Carolina; Johnstown, Pennsylvania; Memphis in Tennessee; and Somerset in New Jersey.