MassDevelopment.com: Press Room: $1.3 Million MassDevelopment Bond Supports Diecast Connections Company Expansion in Chicopee

$1.3 Million MassDevelopment Bond Supports Diecast Connections Company Expansion in Chicopee
Project Will Result in 20 New Jobs, Retention of Firm in Massachusetts
October 5, 2006

Contact:
Adam Bickelman, MassDevelopment, 617-330-2086

MassDevelopment today announced a $1,338,000 financing package for Springfield-based DieCast Connections Company, Inc. The firm will use tax-exempt bond proceeds to purchase a 2.5-acre parcel of land in Chicopee's Westover Industrial Park and construct a 15,000-square-foot manufacturing facility. DieCast's project will result in the creation of 20 jobs, and keep this century-old manufacturer in Massachusetts.

"DieCast runs two additional manufacturing facilities in Virginia and officials could easily have consolidated operations there," said Robert L. Culver, MassDevelopment president/CEO. "By providing low-cost financing, we were able to help DieCast stay in Massachusetts and add high-quality jobs in the state's western region. We are pleased to help this long-time Massachusetts manufacturer expand and thank DieCast for its commitment to the Bay State."

DieCast Connections Company, Inc. has been expanding its services and product line. Today, DieCast specializes in engineering, casting, machining, assembling and finishing die-cast products for a range of markets including automotive, builders hardware, commercial and industrial lighting, electronics, HVAC and scientific equipment.

"We are pleased to grow and maintain our corporate headquarters in western Massachusetts," said DieCast President Beth Zastawny. "The financing package offered by MassDevelopment and TD Banknorth will result in considerable savings during the term of our loan, which will allow us to pass savings on to our customers while we invest in new products and equipment to keep us competitive and growing in the future."

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.