MassDevelopment.com: Press Room: $4.5 Million MassDevelopment Bond Supports Checon Corporation Expansion

$4.5 Million MassDevelopment Bond Supports Checon Corporation Expansion
Project to Bring More Than 30 New Manufacturing Jobs to North Attleboro
September 6, 2005

Contacts:
Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com
Janet Hookailo, 617-330-2018 or jhookailo@massdevelopment.com

MassDevelopment today announced a $4.5 million financing package for Checon Corporation of North Attleboro. The manufacturing firm will use proceeds from tax-exempt bonds to purchase and renovate a 63,000 square foot manufacturing facility, construct a 4,000 square foot addition and purchase new equipment to expand its product line. Company officials' initial plans include 30 new production jobs with up to another 20 to follow. Build-out is slated for completion in first quarter 2006.

"We are pleased to partner with Checon Corporation on this important expansion initiative," said Robert L. Culver, MassDevelopment president/CEO. "Manufacturers like Checon play an important role in the regional economy, and this firm's growth is a testament to the strength of the state's manufacturing sector."

Founded in 1960, Checon Corporation is a specialty manufacturer of electrical contacts used across a broad spectrum of industries, from heavy duty power controls for industrial equipment to automotive power devices, signal switches and residential light switches.

"At Checon, we constantly streamline our research, development and production to grow our business and support economic development in our community," said D. Allen Conaway, Checon president. "With that in mind, it made sense to work through MassDevelopment and take advantage of tax-exempt financing that allows us to borrow at a lower rate, increase production, better serve our customers and put more people to work."

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.