While Connecticut has seen the departure big-name companies like General Electric, Westport-based Terex Corp. is staying put — for the foreseeable future — with the help of state funding.

Terex’s lease at the Nyala Farms complex in Westport was soon to expire in 2017. According to Senior Vice President Eric Cohen, executives were considering their options as they looked to the future. While a possible exit was on the table, the Fortune 500 company ultimately chose to keep its corporate headquarters in southwestern Connecticut.

“There were a lot of factors that went into (staying in) Connecticut,” he said. “The primary one is this is where we were, this is where our people were, and to move that, which we did consider, that’s a big undertaking.”

Terex was one of 13 businesses statewide to receive a portion of almost $57 million in funding approved by the State Bond Commission in November to assist with expansion and relocation efforts with the goal of helping the state’s ailing job market.

While Terex is staying put, the state’s economic woes and recent developments in tax reform could create challenges. The funding is contingent on job retention and creation which may be a tougher task following the passage of the new tax law.

“We have a 10-year lease now, which may be, potentially, slightly shorter depending on certain options and rights that we have and the landlord has, and we will continue to monitor the situation,” Cohen said. “Where that takes us long-term in Connecticut will really depend a lot on what happens with the state and how it reacts both to its current fiscal situation as well as to the change in the tax law.”

Cohen said executives are still looking at how it will ultimately affect the company’s operations, especially regarding the deduction of state and local taxes.

“It does put pressure on being able to retain and bring new jobs to Connecticut because most of our operations and many of the people we find come from different areas and different parts of the country, many of which are no-state and local-tax states,” Cohen said. “Attracting them to come to our local headquarters is certainly going to be more challenging today than it was a while back.”

Terex received a $1 million grant for capital improvements to its headquarters, which requires the company to retain 140 local employees over the next four years. The business stands to see an additional $500,000 in funding if it can create 30 new jobs over the same period.

The grant was included in a $5.5 million capital improvement plan that Terex used to renew its lease and take on more space in the same building. A portion of the funding went toward technology upgrades.

Terex manufactures cranes and other heavy equipment for construction and other industries and employs more than 20,000 people in 50 countries. A merger was in the works several years ago between Terex and Finland-based company Konecranes before it was called off early in 2016.

The international company has been the based in Westport for more than 20 years. Westport First Selectman Jim Marpe said funding for Terex was a win not only for the company, but for the town.

“I frequently refer to them as one of the important companies in part because they’re a Fortune 500 company and we’re honored to have a company of their quality and their stature located in Westport,” Marpe said, adding that a Terex exodus would have been a blow to the town and region’s image.

“It would send a negative signal to other organizations regarding whether or not they might want to locate their headquarters or other operations in southwestern Connecticut,” he said.

jordan.grice@hearstmediact.com; Twitter: @JordanEGrice