MassDevelopment.com: Press Room: MassDevelopment Financing Package Supports F&M Tool and Die Expansion in Leominster

MassDevelopment Financing Package Supports F&M Tool and Die Expansion in Leominster
May 30, 2005

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

MassDevelopment today announced a financing package for JED Realty Trust, the nominee trust for F&M Tool and Die Company. The business will use two MassDevelopment loans totaling $530,000 in financing to purchase and renovate an 11,200 square foot building located at 25 Jytek Road in Leominster, the former home of Crisci Tool and Die Co. The project will result in the creation of five new manufacturing jobs, while keeping the company in Leominster, in the heart of the Commonwealth's high-tech plastics manufacturing cluster.

"This project shows how state, federal and local organizations can work with area businesses to keep jobs in a community," said Robert L. Culver, MassDevelopment president/CEO. "After issuing a tax-exempt bond to help Crisci build new headquarters, our Worcester team arranged financing for F&M Tool and Die to purchase Crisci's now vacant facility, knowing the building would suit F&M's needs. We congratulate F&M Tool and Die on its upcoming expansion and relocation in Leominster."

Founded in 1974, F&M Tool and Die manufactures stainless steel molds for companies in the plastics industry. The plastics industry in Massachusetts is the twelfth largest in the nation, with more than 605 manufacturing facilities, 40,000 employees and $8 billion in annual domestic and international shipments. Central Massachusetts is home to the highest concentration of these businesses in-state, with nearly 200 manufacturing facilities, 7,000 jobs and $1.5 billion in total shipments of plastics products.

"This is an exciting time for the staff at F&M Tool and Die as we prepare to relocate and welcome new members to the team," said Michael Gasbarro, president. "Thanks to MassDevelopment, the Worcester Business Development Corporation and the Small Business Administration for helping us put this project together."

MassDevelopment, the state's finance and development authority, 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.