Helfrich Boiler Works to expand, create new jobs with $6.32M bond

February 17, 2024 : Eagle-Tribune, Jill Harmacinski

LAWRENCE — A family-owned, quarter-of-a-century old Lawrence business is getting bigger and creating more jobs with a $6.32 million bond obtained through MassDevelopment, officials announced.

Helfrich Brothers Boiler Works, Inc. will use the tax-exempt bond proceeds to buy and renovate a vacant 41,000-square-foot building at 43 Merrimack St., in Lawrence.

The building is located next to the company’s existing 100,000-square-foot headquarters, and will create additional space for its advanced manufacturing business that includes a state-of-the-art robotic welding system, according to information released by MassDevelopment.

Bond proceeds will fund new equipment and machinery. Helfrich has completed the first phase of the renovation and expects to complete the entire project by year’s end, according to officials.

The company wants to create 75, new full-time jobs over the next three years. Helfrich partners with local vocational schools and colleges to develop and hire talent and the completed project is expected to provide additional resources for training programs.

Brookline Bank purchased the bond, which helped Helfrich Brothers Boiler Works, Inc. achieve a lower cost of capital, according to MassDevelopment.

“Gateway Cities have long been centers of industry, and continue to serve as prime locations where manufacturers can locate and grow their business,” said MassDevelopment President and CEO Dan Rivera, a former Lawrence mayor.

“Helfrich Brothers Boiler Works, Inc.’s expansion will bring dozens of new full-time manufacturing jobs to Lawrence, breathe life into a vacant property, and keep this company thriving in Massachusetts,” Rivera said.

Bank officials said they are always looking for innovative ways to support businesses.

“We are always looking for creative ways to find the right financial solutions for businesses,” said David L’Heureux, EVP and Division Executive of Brookline Bank’s Commercial Banking Group.

“Working with MassDevelopment for Helfrich Brothers is yet another example of how Brookline Bank thinks ‘out-of-the-box’ to structure financing that benefits our clients and the community – in this case in Greater Lawrence and the Merrimack Valley,” L’Heureux said.

Family-owned and operated since 1948, Helfrich Brothers is a full-service commercial boiler company based in Lawrence.

Helfrich Brothers specializes in the engineering, fabrication, and installation of boiler components for utilities and renewable energy companies throughout the United States. Helfrich Brothers also manufactures ASME pressure vessels for a variety of industries, including semiconductor, battery technology, vacuum heat treating, and aerospace.

“We are very excited and proud to expand our manufacturing footprint in Lawrence,” said Vin Helfrich, president and CEO of Helfrich Brothers.

“We greatly appreciate the partnership with the City of Lawrence, MassDevelopment, and Brookline Bank, who understand the importance of growing manufacturing in the Commonwealth. Helfrich Brothers values its 75-year history in Lawrence, and this financing will enable our company to continue investing in our employees and new, cutting-edge technologies that will benefit our customers for years to come,” Helfrich said.

MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth.