Taunton's Founders Science Group to Buy New Equipment with MassDevelopment Loan
December 21, 2017
FOR IMMEDIATE RELEASE
Contacts:
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
mquackenbush@massdevelopment.com
Robert Munroe, Founders Science Group, 508-258-8055
rmunroe@founderssg.com
MassDevelopment has provided a $250,000 equipment loan and an export guarantee for Founders Science Group, a Taunton company that provides pilot scale manufacturing and research and development support for the pharmaceutical, cosmetic, and personal care industries. Founders Science Group will use loan proceeds to buy manufacturing and packaging equipment, and improve its facility at Taunton’s Myles Standish Industrial Park. The company will also use proceeds to increase storage and work space in its facility.
“MassDevelopment is committed to helping Massachusetts’ manufacturers thrive with financing that helps buy equipment and expand facilities for these economic assets,” said MassDevelopment President and CEO Lauren Liss. “I am pleased we could continue to support Founders Science Group’s move to Massachusetts by aiding its expansion at Myles Standish, which will bring new jobs and growth to the Commonwealth.”
Founders Science Group initially operated out of Cumberland, Rhode Island, but moved to Myles Standish Industrial Park in 2016 with the help of the Massachusetts Office of Business Development and MassDevelopment. Developments at the Myles Standish Industrial Park and the Business Park at Myles Standish are the result of a public-private partnership between the City of Taunton, the Taunton Development Corporation, and MassDevelopment. This $26 million development project was partially financed with two MassWorks grants from the Massachusetts Executive Office of Housing and Economic Development, totaling $6.1 million; $3.1 million in grants from the U.S. Economic Development Administration; and a $600,000 brownfields remediation grant from the Environmental Protection Agency. The development project is located at the former Paul A. Dever State School, which closed in 2002. More than 1 million square feet of new private development and about 1,100 jobs have been created since MassDevelopment and the Taunton Development Corporation formed a nonprofit corporation in 2012 to begin this 220-acre development project.
Founders Science Group provides analytical testing, storage solutions, development support, and pilot scale manufacturing within the pharmaceutical, cosmetic and personal care industries. Two pharmaceutical industry professionals, Robert Munroe and Ronald Gurge, established the company in 2014.
“It has been a satisfying experience working with MassDevelopment and its associates,” said Robert Munroe, Founders Science Group founder. “We are very happy with our move from Rhode Island to Massachusetts and continue to see positive growth as a direct result of this relocation.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.
