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MassDevelopment In The News
Bond, Jobs Set for City Business
December 22, 2006: Berkshire Eagle, by Scott Stafford
PITTSFIELD — Hi-Tech Mold & Tool Inc. is on a roll.
State officials announced yesterday that a $2.5 million development bond has been awarded to the company for its recently built 20,000-square-foot addition to its 55,000-square-foot facility on Technology Drive and for some new plastic-injection molding equipment.
In addition, a contract with aeronautics manufacturer Hamilton Sunstrand has grown from $11 million to roughly $25 million and runs through 2020, leading to the addition of 25 to 30 new jobs over the next two to four years, according to company President William Kristensen Sr.
The contract with Hamilton Sunstrand is for the manufacture of valves and water collectors for an air handling system that will end up in Boeing's new 787 Dreamline aircraft, Kristensen said during a phone interview yesterday. The components will be composed of high-temperature plastic resins.
And with the tax-exempt industrial development bond issue from MassDevelopment, which comes in the form of low-interest financing, Hi-Tech can better focus its capital spending.
"This is a smart way to do business," said Kristensen of the plan. "The cost is much lower than conventional financing. And with the savings, I can put more money into equipment, which creates more jobs."
Construction on the addition was completed earlier this month.
"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 and CEO, in a prepared statement. "We are pleased to assist companies like Hi-Tech Mold & Tool because they are locally based and committed to manufacturing in the commonwealth."
© Copyright 2006 Berkshire Eagle.
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