MassDevelopment.com: Press Room: MassDevelopment Bonds Support Expansions for Two Bay State Manufacturers

MassDevelopment Bonds Support Expansions for Two Bay State Manufacturers
December 21, 2006

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Hal Keller, Sr., K&K Thermoforming, Inc., 508-764-7700
William Kristensen, Sr., Hi Tech Mold & Tool, Inc., 413-443-9184

MassDevelopment today announced financing packages for two Massachusetts manufacturing companies worth more than $4.5 million.

K&K Thermoforming, Inc. will use proceeds from a $2,000,000 tax-exempt bond supported by a $200,000 mortgage insurance guaranty to acquire and rehabilitate an industrial building located at 394 Elm Street in Southbridge. The company plans to expand its workforce by three, and retain 25 jobs.

Hi Tech Mold & Tool, Inc. will use proceeds from a $2,500,000 industrial development bond to construct a 20,000-square-foot addition to its existing facility in Pittsfield and to purchase new equipment. Construction on the site was completed this month and company officials expect to move early in the new year. Hi Tech Mold & Tool’s expansion will enable the firm to accommodate significant new orders and create eight new jobs.

"A critical focus of MassDevelopment is to support and expand manufacturing in the Commonwealth by providing low-interest financing to area businesses," said Robert L. Culver, MassDevelopment President/CEO. "We are pleased to assist companies like K&K Thermoforming, Inc. and Hi Tech Mold & Tool, Inc. because they are locally-based and committed to manufacturing in the Commonwealth."

Founded in 1999 by Hal Keller, Sr., K&K Thermoforming, Inc. manufactures plastic products used primarily for packaging in the medical and electronic industries. K&K Thermoforming’s purchase of the 91,500-square-foot Southbridge building will allow the firm to continue its recent growth and meet new customer demands. K&K plans to lease a portion of the space to other local manufacturing companies.

Hi-Tech Mold & Tool, Inc. specializes in metal to plastic conversions and provides a complete range of plastic and silicone processing services to equipment manufacturers worldwide. Incorporated in 1983, Hi-Tech Mold & Tool serves a variety of fields including medical, aerospace, military, telecommunications, recreational, electronics, automotive, food service, and the consumer product markets. The 20,000-square-foot addition to its facility will expand its secondaries dept and improve production flow throughout the plant.

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. Since fiscal year 2004, MassDevelopment financed or managed 586 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,537 housing units and more than 23,500 jobs.