MassDevelopment.com: Press Room: $5 Million MassDevelopment Bond Supports ABC&D Recycling, Inc. Expansion in Ware

$5 Million MassDevelopment Bond Supports ABC&D Recycling, Inc. Expansion in Ware
January 13, 2005

Contacts:
Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com
Tracy Lawrence, 617-330-2011 or tlawrence@massdevelopment.com

MassDevelopment, the Commonwealth's economic development authority, today announced the provision of a financing package for ABC&D Recycling, Inc. in Ware. The company will use a $5 million tax-exempt bond to purchase equipment, and build an expanded recycling facility for construction, demolition and other development-related debris.

"We are pleased to partner with ABC&D Recycling on their expansion initiative," said Robert L. Culver, MassDevelopment president/CEO. "This company does an important service to the Commonwealth and our environment by closing the recycling loop and reintroducing these materials to the market. Upon completion, this project will enable ABC&D to recycle an additional 195,000 tons of construction debris each year."

Building projects in Massachusetts generate nearly five million tons of construction and demolition waste annually. The state incinerates 43% of its waste, landfills 19% and recycles the remaining 38%. According to the Environmental Protection Agency, reducing that waste benefits the Commonwealth by lowering disposal costs, generating revenue from material sales and diverting waste from landfills via the reuse of valuable materials.

"Thanks to the MassDevelopment team and Country Bank for Savings for helping us structure this competitive financing package," said Richard O'Riley, ABC&D Recycling president. "By recycling these materials into wood fuel, asphalt, and pot-hole patch to name just a few uses, we can reduce the strain on the Commonwealth's already overburdened landfills and dwindling natural resources while saving money and supporting needed economic development."

MassDevelopment, the state's finance and economic development agent, partners with businesses and local officials to stimulate growth across the Commonwealth. In fiscal year 2004, the agency arranged financing for, or managed 201 projects statewide totaling more than $1.25 billion. These projects supported the creation of more than 5,500 jobs and 2,445 housing starts.