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MassMutual expanding in Bay State, cutting in Connecticut


Friday, February 09, 2018

SPRINGFIELD, Mass. (AP) — Massachusetts Mutual Life Insurance Co. announced Thursday that it is expanding its business in Massachusetts and closing a large office in Connecticut.

MassMutual said it plans to spend nearly $300 million in Massachusetts over the next several years and increase its workforce in the state by approximately 70 percent by the end of 2021.

The company said that will mean increasing the number of positions in Springfield from about 3,000 to 4,500 and adding another 1,000 jobs at a new facility in Boston.

The company said it will close its offices in Enfield, Connecticut, by 2021, moving most of those 1,500 workers to Springfield.

A spokesman said it did not make sense to have two offices, each 60 percent full, less than 10 miles (16 kilometers) from each other.

“Following a thorough strategic assessment of our operations and footprint, we concluded that our home state of Massachusetts is the best place for us to grow and thrive over the long term,” said Roger Crandall, the company’s chief executive. “We have deep roots and a supportive community in our hometown of Springfield, and we will continue to invest and grow our workforce in the city.”

The company said it plans to spend about $50 million upgrading its Springfield headquarters and another $240 million on the campus in Boston’s Seaport District.

That multistory office, on Fan Pier initially will have 500 employees, but will grow to 1,000, the company said. The 300,000-square-foot (27,870-square-meter) facility will be built on an undeveloped parcel owned by MassMutual, with MassMutual as its primary tenant, the company said.SPRINGFIELD (AP) — Massachusetts Mutual Life Insurance Co. announced Thursday that it is expanding its business in Massachusetts and closing a large office in Connecticut.

MassMutual said it plans to spend nearly $300 million in Massachusetts over the next several years and increase its workforce in the state by approximately 70 percent by the end of 2021.

The company said that will mean increasing the number of positions in Springfield from about 3,000 to 4,500 and adding another 1,000 jobs at a new facility in Boston.

The company said it will close its offices in Enfield, Connecticut, by 2021, moving most of those 1,500 workers to Springfield.

A spokesman said it did not make sense to have two offices, each 60 percent full, less than 10 miles from each other.

“Following a thorough strategic assessment of our operations and footprint, we concluded that our home state of Massachusetts is the best place for us to grow and thrive over the long term,” said Roger Crandall, the company’s chief executive. “We have deep roots and a supportive community in our hometown of Springfield, and we will continue to invest and grow our workforce in the city.”

The company said it plans to spend about $50 million upgrading its Springfield headquarters and another $240 million on the campus in Boston’s Seaport District.

That multistory office, on Fan Pier, initially will have 500 employees, but will grow to 1,000, the company said. The 300,000-square-foot facility will be built on an undeveloped parcel owned by MassMutual, with MassMutual as its primary tenant, the company said.

Thursday saw a positive reaction to this development from Springfield-area elected officials.

“This is terrific news for our community and state. Mass Mutual has made its home in Springfield for nearly 170 years,” said U.S. Rep. Richard Neal, D-Springfield, in a statement. “Today’s announcement that they are expanding their workforce in the city by 1,500 employees will have a significant and immediate impact on the region’s economy. I welcome Mass Mutual’s decision and believe it is vote of confidence in the City of Springfield and the Commonwealth of Massachusetts.”

Similar sentiments also came from state senators Eric Lesser, D-Longmeadow, and James Welch, D-West Springfield, in a joint media release celebrating the announcement.

“This is very good news, to see MassMutual doubling down on its investment in Massachusetts,” said Lesser. “MassMutual is a proud Springfield company founded here nearly 200 years ago, and its decision announced today sends a clear signal that Springfield and Western Massachusetts are open for business!”

“MassMutual’s announcement is a sign of just how strong and business friendly the economy is here in the Commonwealth. As talks about companies moving jobs to Massachusetts continually center around Boston, it is refreshing to see a company reinforce its Western Mass roots,” said Welch.

The release also noted that MassMutual was founded in 1851.

Gazette reporter Bera Dunau contributed to this story.