Horn Packaging Corporation to Purchase, Renovate Building For Manufacturing With Help From $7.04 Million MassDevelopment Bond
December 20, 2010
MassDevelopment has issued a $7.04 million tax-exempt industrial development bond on behalf of Horn Packaging Corporation, an Ayer manufacturer of protective packaging and shipping materials. The company will use bond proceeds to purchase a 275,000-square-foot building in Lancaster previously used for warehousing and distribution, and renovate that building for manufacturing purposes. Sovereign Bank purchased the bonds, and Horn officials expect the project to create 20 jobs.
“Manufacturing remains an integral part of the Commonwealth's economy, and Horn Packaging’s expansion augments the sector's strength,” said MassDevelopment President and CEO Robert L. Culver. “This low-cost financing will help the business transform a warehouse into a full-fledged manufacturing facility for Horn's many materials.”
Founded in 1943, Horn Packaging has more than 65 years of experience manufacturing single, double, and triple wall boxes; die-cut corrugated boxes; cushioning foams; wood crates and skids; and packaging and shipping supplies. The company’s custom products include micro flute to triple wall corrugated boxes; polyethylene and polyurethane protective foams; small wood boxes; and crates for large equipment.
“We are extremely excited to have a new corporate headquarters right here in Massachusetts,” said Horn Packaging President and CEO Peter Hamilton. “The facility will help us to grow and serve our New England market for years to come, creating many new job opportunities in the surrounding area. The tax-exempt financing through MassDevelopment was instrumental in the success of the purchase, and the agency guided us through every step of the process.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 241 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.