New Baking Equipment, Jobs for Muffin Town in Lawrence Thanks to $9.45 Million MassDevelopment Bond
October 25, 2011
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
MassDevelopment has issued a $9.45 million tax-exempt bond on behalf of J.S.B. Industries, Inc., the parent company of Muffin Town, Aesop’s Bagels, and Madeline’s Cookies. The company will use bond proceeds to purchase and install a new automated oven at Muffin Town’s Lawrence bakery. East Boston Savings Bank purchased the bond, and the project is expected to create 75 jobs over the next three years. Bond proceeds also refunded a previous bond issued by MassDevelopment, which helped purchase and renovate the 86,000-square-foot Lawrence building.
“Like well-baked dough, Muffin Town’s success in Lawrence continues to rise,” said MassDevelopment President and CEO Marty Jones. “Supporting the Commonwealth’s manufacturers is a priority for MassDevelopment, and we're pleased to leverage investment once more in this local company creating jobs for the Merrimack Valley.”
Founded in 1978 in Chelsea, J.S.B. Industries produces a variety of baked goods such as muffins, bagels, bagel stuffers, and cookies that it sells to retailers, schools, hospitals, food services, and caterers. The company’s headquarters and primary location are still in Chelsea, and Muffin Town opened its Lawrence bakery in early 2011. The second facility helps the company meet demand that can reach 10,000 cases of baked goods daily.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed 277 projects generating investment of nearly $3.7 billion in the Massachusetts economy. These projects are projected to create 10,291 jobs (2,507 permanent and 7,784 construction) and 1,323 housing units (309 new and 1,014 rehab).