Valley Steel Stamp Expands With $1.9 Million Bond From MassDevelopment
July 10, 2018
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Steve Capshaw, Valley Steel Stamp Inc., 617-733-0317
MassDevelopment has issued a $1.9 million bond for CJBW Stamp LLC, the real estate arm of Valley Steel Stamp, which will use bond proceeds to construct a 17,500-square-foot building in the Greenfield Industrial Park that the company will then lease. The new building will be next to an existing 27,500-square-foot building that Valley Steel Stamp also leases and has reached full capacity. When completed, the new building will accommodate additional equipment needed to fulfill customer orders. The project is expected to create nine jobs and support 13 construction jobs. GSB Securities Corporation, an affiliate of Greenfield Savings Bank, purchased the bond.
"For more than 40 years, Valley Steel Stamp has been a key part of the western Massachusetts tradition of high-quality precision machining, and this company has grown to become a major player in the sector," said MassDevelopment President and CEO Lauren Liss. "MassDevelopment is pleased to support Valley Steel Stamp as it once again takes steps to further expand operations here in the Commonwealth."
Valley Steel Stamp was founded in 1971 by William Capshaw as a two-man operation that produced custom-made steel marking stamps. Over the years, William’s son, Steven, has expanded and diversified the company’s product line to now include general machining and tooling for customers in the aerospace, defense, and firearm industries. Valley Steel Stamp’s facility in Greenfield is a world headquarters for more than 50 highly-skilled precision machinists serving over 300 companies in 10 countries. MassDevelopment previously issued bonds to support the purchase and expansion of this facility in 2008 and 2012.
"Valley Steel Stamp has been growing in Greenfield since 1971," said Valley Steel Stamp President Steve Capshaw. "This expansion will allow us to continue to grow and expand employment in Greenfield for years to come."
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.