MassDevelopment Bond Helps Patriot Armored Systems Buy, Expand Facility
January 15, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Tom Briggs, Patriot Armored Systems, 413-637-1060
MassDevelopment has issued a $2,646,000 tax-exempt bond on behalf of Patriot Armored Systems Holding LLC, a real estate entity affiliated with glass manufacturer Patriot Armored Systems. Patriot Armored Systems currently leases 45,000 square feet of office and manufacturing space at 100 Valley Street in Lee. The company’s real estate entity will use bond proceeds to buy the building and construct a 7,500-square-foot addition, allowing Patriot Armored Systems to expand its manufacturing operations and hire 13 additional employees. Berkshire Bank purchased the bond.
"For more than 25 years, Patriot Armored Systems has been a leading manufacturer of protective glass systems, with an emphasis on quality craftsmanship, precise customization, and first-rate customer service," said MassDevelopment President and CEO Lauren Liss. "We’re proud to leverage tax-exempt bond financing to help Patriot Armored Systems buy and expand its facility, a move that will allow the business to grow its operations and create jobs."
Founded in 1992, Patriot Armored Systems manufactures laminated, customized protective glass systems by purchasing glass as a raw material and melding it with bonding compounds. The company specializes in bullet-resistant glass and security glazing and offers an array of glass types, including architectural, ballistic, and bullet-resistant glass. Patriot Armored Systems serves a broad customer base, manufacturing customized products for various military operations, law enforcement, government buildings, banks, hospitals, retail businesses, vehicles, and homes.
"We’re grateful for MassDevelopment’s low-cost financing that is enabling us and many other manufacturers to grow in Western Mass.," said Patriot Armored Systems CEO Tom Briggs. "With this support from MassDevelopment and Berkshire Bank, Patriot Armored Systems can now expand, hire additional employees, and further our mission of providing unique, customized products for our clients."
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.