MassDevelopment Loans Help Stergis Aluminum Clean Up, Renovate Attleboro Factory
July 25, 2011
MassDevelopment has provided two loans – $792,000 from the agency's general fund and $500,000 from the Brownfields Redevelopment Fund – to Stergis Commercial Realty LLC, the real estate holding company for Stergis Aluminum Products, Inc., in Attleboro. Stergis will use brownfields loan proceeds to clean up 79 Walton Street, the former home of a metal stamping and coin mint. General fund loan proceeds will help the company renovate the building at the same address, which has almost 129,000 square feet of manufacturing space. The company expects to create 48 jobs as a result of the project.
“The Brownfields Redevelopment Fund is a proven economic development tool, creating jobs and cleaning up a key site in Attleboro,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to back Stergis Aluminum as it expands its manufacturing business and creates nearly 50 jobs in production and inventory.”
Stergis Aluminum, which has operated in Massachusetts since 1962, purchased the building after outgrowing its former Walpole site. The expanded manufacturing space will allow Stergis to turn on more fabrication lines, quadruple inventory space, and stock hundreds of standard-size windows and doors. The facility will also have a test lab, a laminated glass area, and an expanded tool and die shop.
“Expansion for our company was essential,” said Gus Stergis, President of Stergis Aluminum Products Corp. “MassDevelopment saw our previous years of growth in the Military Anti-Terrorism, Blast Proof and Hurricane products and realized even in a down building economy, their support would help us grow and keep manufacturing in the Commonwealth of Massachusetts.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.