MassDevelopment Tax-Exempt Bond Helps Salem Metal Move Into New Manufacturing Facility
January 8, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Jason Vining, Salem Metal, Inc., 978-774-2100
MassDevelopment has issued an $8,775,000 tax-exempt bond to J&V Realty Trust, a related entity of manufacturer Salem Metal, Inc., which will use bond proceeds to purchase an 88,400-square-foot industrial building under construction at 177 North Main Street in Middleton. Salem Metal, Inc., which currently operates at nearby 21 Lonergan Road, will move into the new facility and use about 70,000 square feet for its manufacturing activities. J&V Realty Trust will likely lease the remaining 18,400 square feet to a third party. TD Bank purchased the bond.
“Over the past forty-plus years, Salem Metal and its family-run team of precision craftsmen have manufactured first-rate products for their clients and built a reputation for steadfast, quality customer service,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to leverage tax-exempt bond financing to help this manufacturer continue to grow in Massachusetts.”
Established in 1970, Salem Metal, Inc. is a family-run manufacturing shop that specializes in the fabrication of precision sheet metal and machined components. Salem Metal serves a wide variety of industries, including medical device, electronics, solar, architecture, robotics, additive manufacturing, and military. The company’s team of 65 precision craftsmen works with multiple raw materials like aluminum, steel, stainless steel, copper, and several specialty alloys. Salem Metal is continuously investing in new equipment and technology to better respond to customers’ requests and maintain high-quality products. The company’s new facility at 177 North Main Street will feature custom fabrication including laser cutting, punching, machining, forming, welding, painting, silk screening, and value-added assembly services.
“It was a pleasure working with MassDevelopment in securing a tax-exempt bond to help finance our new state-of-the-art facility,” said Salem Metal, Inc. President Jason Vining. “We look forward to Salem Metal’s continued growth and success in the years ahead and appreciate the state’s efforts in supporting small business.”
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.