Gloucester's Fleet Machine Company Buys New Equipment With MassDevelopment Loan
February 22, 2017
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Joshua Pregent, Fleet Machine Company, 978-879-6959
MassDevelopment has provided a $225,000 equipment loan to Fleet Machine Company LLC, an advanced manufacturing company in Gloucester. Fleet Machine is using loan proceeds to buy a CNC horizontal machining center. This computer-controlled machine tool will help the company increase production of components for the aerospace, defense, robotics and medical industries. MassDevelopment also enhanced the loan with a guarantee.
“As part of our mission, MassDevelopment supports manufacturing growth across the Commonwealth through grants and financing packages that keep the industry strong and innovative,” said MassDevelopment President and CEO Marty Jones. “We are pleased our support will allow Fleet Machine to buy new equipment and remain at the forefront of its industry.”
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.
“This MassDevelopment loan helped us buy advanced equipment that will enhance our ability to supply precision components to global technology companies and create high-paying jobs for Massachusetts workers,” said Joshua Pregent, owner of Fleet Machine Company. “Working with MassDevelopment was a great experience, and we are grateful for their knowledgeable and professional help.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.