Ayer Optics Manufacturer Boosts Operations With MassDevelopment Loan
June 18, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has provided a $300,000 equipment loan to Optometrics Corporation, an optical products and components manufacturer in Ayer. Optometrics will use loan proceeds to buy several pieces of equipment to manufacture high-quality optical components for a leading provider of communication and electronic products in both military and commercial markets. The equipment will also help Optometrics provide additional services to existing customers and expand its other product lines to boost growth. Optometrics anticipates creating 10 jobs in the next year with 26 more employees by 2017, bringing total anticipated employment in Massachusetts to 70 people.
“We’re pleased to provide this loan to help Optometrics expand and partner with manufacturers around the country, creating and retaining highly-skilled manufacturing jobs in Massachusetts,” said MassDevelopment President and CEO Marty Jones. “North-central Massachusetts is a hotbed of manufacturing activity in the Commonwealth thanks to cutting-edge companies like Optometrics.”
Ayer's Industrial Development Finance Authority partnered with MassDevelopment for this financing for one of Ayer’s largest employers, providing a $200,000 loan that supported the equipment purchase and facility upgrades.
David Maher, Ayer’s Director of Economic Development, said, “This partnership between Ayer, MassDevelopment and Optometrics is a great example of supporting the growth in manufacturing in the Middlesex area, but is also an important collaboration, private and public, that will help keep Optometrics as an important part of the Ayer community for many years to come.”
Optometrics, a subsidiary of Dynasil Corporation of America (NASDAQ: DYSL), designs, engineers, and manufactures a line of optical products and components that are sold throughout the United States and the world.
“We appreciate the assistance of both MassDevelopment and the Ayer IDFA in providing funding for this important step in the growth of Optometrics,” said Laura Lunardo, Optometrics’ COO. “Our success in the development of this new product for a well-known electro-optics manufacturer has been transformational for our company.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.
Dynasil Corporation of America (NASDAQ: DYSL) develops and manufactures optical detection and analysis technology and components for the homeland security, medical and industrial markets. Combining world-class expertise in research and materials science with extensive experience in manufacturing and product development, Dynasil is commercializing products, including dual-mode radiation detection solutions for Homeland Security and commercial applications and sensors for non-destructive testing. Dynasil has an impressive and growing portfolio of issued and pending U.S. patents. The Company is based in Watertown, Massachusetts, with additional operations in Mass., Minn., N.Y., N.J. and the United Kingdom. More information about the Company is available at www.dynasil.com.