MassDevelopment.com: Press Room: MassDevelopment Welcomes Two Technology-Based Businesses to Devens

MassDevelopment Welcomes Two Technology-Based Businesses to Devens
July 11, 2006

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086
Bonnie Biocchi, MassDevelopment, 978-784-2965

Integrated Process Technologies (IPT) and Odic Incorporated will join the growing cluster of technology-based firms at Devens. IPT, a multi-dimensional process engineering firm, will purchase a 25,102-square-foot building in the Jackson Innovation and Technology District and convert it into an office, research and development and light manufacturing facility. Odic, a developer of embedded electronics hardware and firmware for high-tech companies, will purchase a 3,474-square-foot building located at 37 MacArthur Avenue and renovate the facility to include a mix of production labs, office space and meeting rooms. Together, these projects will result in the creation of 48 new jobs.

"We are excited to have these two emerging growth businesses in Devens," said Robert L. Culver, MassDevelopment president/CEO. "IPT and Odic add a new dimension to the expanding high tech and biotech communities here. With the addition of these two companies, Devens will be even more attractive to businesses in the technologies arena."

In its fifth year in operation, IPT services the biotechnology, pharmaceutical, semiconductor and chemical industries. IPT provides project management services in the installation of building and operating manufacturing processes for cell culture and fermentation, water and steam purification and media and buffer preparation. In addition, IPT fabricates process skids for the biotech industry's product environment. The firm is also using a $350,000 MassDevelopment Export Loan Guaranty to support a larger loan provided by North Middlesex Savings Bank to finance its relocation.

"With the growth we're seeing in the industry, Devens is poised to provide everything IPT needs to succeed," said James Banks, IPT president. "MassDevelopment was extremely helpful in supporting our expansion. The agency had the real estate we needed, and quickly put together a team to lead us through the expedited permitting process, and supplemented this support with low-cost financing through a program created specifically for exporters like us. MassDevelopment and the Commonwealth have truly created a business friendly environment at Devens."

For more than 15 years, Odic Incorporated has worked with nationally and internationally based companies to provide electronic product design, diagnostics and engineering support. Odic provides cost-effective, flexible support for the products it designs for companies and organizations like Timex, Motorola and the U.S. Department of Defense. Odic is using a $325,000 MassDevelopment commercial real estate loan to finance its new facility.

According to Odic CEO Matt Hickcox, the improving economy and increasing need to outsource electronics design encouraged the company to hire more engineers and look for larger office space. "MassDevelopment has been tremendously supportive as we worked to identify and purchase a stand-alone building in the heart of the business development area in Devens. In everything they have done, both MassDevelopment and the Devens Enterprise Commission have demonstrated that they want Odic to succeed and grow in the Bay State," he said.

Located in north central Massachusetts and managed by MassDevelopment, Devens is home to more than 80 businesses employing approximately 4,200. Created by statute in 1993 to support business growth and attract economic development opportunities in the region, the 4,400-acre enterprise zone features fast-track permitting and other incentives for businesses. The former military installation is recognized today as a national model for military base redevelopment. Along with its business tenants, the Devens community also includes more than 2,100 acres of recreation and open space, private residences, schools, and a network of human and social services providers. Together these organizations and amenities attract more than 200,000 visitors to Devens annually.

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or manages 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4,702 permanent and 5,100 in construction.