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MassDevelopment

Fleet Machine to use state loan to boost production


June 17, 2021 : Gloucester Daily Times, by Sean Horgan


Fleet Machine Co. has received a $510,000 loan through MassDevelopment which the West Gloucester company said will help boost production of components for the aerospace, defense, medical and robotics industries.

The company, which specializes in precision machining, said the loan proceeds were used to purchase a five-axis, multi-tasking center to modernize and bolster its production operations.

It will also use revenues from the loan, which MassDevelopment enhanced with an export guarantee, to buy tooling and a new air compressor for its facility, according to the company.

Fleet Machine President Jack McGourty said the financial assistance from MassDevelopment has been invaluable in growing the business.

“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,” McGourty said in a statement announcing the loan.

The loan marks the third time since 2016 that Fleet Machine has improved its automated systems with financing assistance from MassDevelopment.

“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, located at 1 Kondelin Road, was founded in 2010 “to create a more efficient manufacturing model by fusing advanced machine tools, automation, and custom software."

Contact Sean Horgan at 978-675-2714, or shorgan@gloucestertimes.com. Follow him on Twitter at @SeanGDT