$510K Helps Manufacturer Meet Demand
Gloucester Manufacturing Company Uses MassDevelopment Loan to Grow Business, Purchase Needed Equipment
June 17, 2021
Matthew Mogavero, 857-248-0868 (cell)
Jack McGourty, Fleet Machine Company Inc., 978-879-6959
|Photo of Fleet Machine’s new 5-axis multi-tasking center, a type of CNC machine|
GLOUCESTER, Mass. – MassDevelopment has provided a $510,000 equipment loan to Fleet Machine Company Inc., an advanced manufacturing company in Gloucester that specializes in precision machining. Fleet Machine used the loan proceeds to buy a new 5-axis multi-tasking center, a computer numerical control (CNC) machine tool that will help the company increase production of advanced components for the aerospace, defense, medical, and robotics industries. This marks the third automation solution that MassDevelopment has helped Fleet Machine finance since 2016. The company is also using proceeds from the loan, which MassDevelopment enhanced with an export guarantee, to buy associated tooling and a new air compressor for its facility.
“The Baker-Polito Administration is committed to ensuring an economic environment in the Commonwealth that allows Massachusetts-based manufacturing companies to grow and thrive,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “Thanks to programs like this that assist with the purchase of critical equipment, we can support these businesses in their efforts to meet the demand of their customers in leading industries across the nation, and help Massachusetts maintain its competitive edge in manufacturing.”
“Manufacturing is growing in Massachusetts, and Gloucester’s own Fleet Machine is leading the way,” said MassDevelopment President and CEO Dan Rivera. “With this new equipment, Fleet Machine can enhance its comprehensive manufacturing solutions and continue to create jobs in the Commonwealth.”
Fleet Machine purchased its first 4-axis horizontal machining center in 2016 with the help of a $225,000 equipment loan from MassDevelopment. The agency increased that financing in 2017 to support the purchase of a second machine.
“The City of Gloucester has long appreciated the economic partnership with MassDevelopment to spur business growth and job creation through its technical and financial assistance programs,” said Gloucester Mayor Sefatia Romeo Theken. “Fleet Machine is a great success in Gloucester and we thank MassDevelopment for their support of our businesses.”
Located at 1 Kondelin Road in Gloucester, Fleet Machine Company was founded in 2010 to create a more efficient manufacturing model by fusing advanced machine tools, automation, and custom software. Each strategic decision and investment the company makes is based on its mission to eliminate waste and human error from the manufacturing process.
“Our partnership with MassDevelopment has helped us to develop our advanced manufacturing plant right here in Gloucester, created jobs for Gloucester residents in an exciting and rewarding industry, and allowed Fleet to remain on the cutting edge of manufacturing technology,” said Fleet Machine President Jack McGourty.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.