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MassDevelopment In The News
MassDevelopment Helps Manufacturing Firms Raise $19.4 Million
November 26, 2007: Boston Business Journal
MassDevelopment issued $19.4 million in bonds to five Massachusetts manufacturing companies which will be used to acquire land, renovate facilities and purchase equipment.
The companies that will share the $19.4 million in bonds are: Hazen Paper Co. of Holyoke, Mass.; Argotec Inc. of Greenfield, Mass.; Petricca Industries Inc. of Pittsfield, Mass.; Universal Plastics Corp. of Holyoke and VCA Inc. of Northampton. The bonds were purchased by TD Banknorth, Sovereign Bank, and Bank of Western Massachusetts.
The companies will use the bonds in various ways:
Hazen Paper Co., a paper converting company, will use $6 million in bond proceeds to purchase new equipment and create 43 jobs.
Argotec Inc., a manufacturer of plastic products for the automotive and health care industries, will use $5 million in bond proceeds to purchase and renovate a 60,000-square-foot building to consolidate its two existing facilities. The company will also add 35 jobs.
Petricca Industries Inc., a manufacturer of pre-cast, pre-stressed concrete structures, will use $4.5 million in bond proceeds to construct a 22,100-square-foot building, purchase new equipment, expand production capacity and create 39 new jobs.
Universal Plastics Corp., a manufacturer of heavy and thin gauge thermoplastic sheeting, will use $2.2 million in bond proceeds to construct a 35,000-square-foot addition to its existing facility and create 14 jobs.
VCA Inc., producers of custom high-end furniture and architectural millwork, will use $1.6 million in bond proceeds to construct a 20,000-square-foot manufacturing facility at MassDevelopment's Village Hill Northampton project and create eight new jobs.
Together these projects will result in the creation of 84 new jobs for local workers.
© Copyright 2007 Boston Business Journal.
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