Bomco, Inc., of Gloucester Builds and Outfits Manufacturing Facility with MassDevelopment Bond
January 10, 2012
MassDevelopment has issued a $4 million tax-exempt bond, purchased by TD Bank, on behalf of Bomco, Inc., a manufacturing company located in Gloucester, which produces sheet metal fabrications for jet engines, industrial gas turbines, and land and marine turbines. The company will use bond proceeds to build an 18,000-square-foot manufacturing facility on Bomco’s current property, which contains 52,000 square feet of production space, and to purchase equipment for EDM drilling, vacuum furnace heat treating and brazing, and airflow analysis. These capabilities will vertically integrate the production process to improve turnaround time to customers. The company expects the project will create 10-15 jobs.
“Gloucester is best known for its fishing industry, but Bomco exemplifies the Commonwealth’s success in another sector: advanced manufacturing,” said MassDevelopment President and CEO Marty Jones. “From predevelopment through permanent financing, MassDevelopment supports Massachusetts manufacturers. We're pleased to provide access to this low-cost financing for Bomco's expansion.”
Bomco began in 1958 in a small garage, refurbishing wire spools. Presently, the company’s products include industrial gas turbine combustors, intake center bodies, and various internal jet engine components.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.