International Metal Products to Expand Thanks to MassDevelopment Loan
November 20, 2014
FOR IMMEDIATE RELEASE
Mark Sternman, MassDevelopment, 617-330-2034 & 617-780-6186 (cell)
MassDevelopment has provided a $350,000 loan to International Metal Products Inc. (IMP), a Chicopee metal finisher specializing in pen clip plating technologies. The company will use loan proceeds to meet tool and die design costs, and support higher levels of production. IMF estimates its expansion will create four jobs. NUVO Bank, IMP’s bank, increased its line of credit as a result of a new guarantee by MassDevelopment.
“The expansion of International Metal Products attests to the growth potential of many Massachusetts manufacturers,” said MassDevelopment President and CEO Marty Jones. “From design and stamping, to heat treating and plating, to tool and die design, IMP will have the necessary resources to keep up with increasing sales demands.”
Founded in 1938, IMP is a fourth-generation business that produces large volumes of jewelry-quality finishes. IMP focuses on the quality and detail of its pen clip plating work by offering step-by-step consultations, ensuring that all customers receive on-time delivery and the highest quality finished product.
“The proceeds from the MassDevelopment Term Loan have helped International Metal Products, Inc. to acquire both new tooling and related machinery in support of its expansion due to new business in both Europe and Asia,” said Gerry Burke of International Metal Products. “Likewise the guarantee provided to our lender on our Working Capital Line allowed International Metal Products, Inc. to hire additional staff to support the increase in new business. The MassDevelopment team and Brandon Braxton were critical in their roles as liaisons between the bank and our company, and we are truly grateful for their dedication.”
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.