C.H. Babb Expands in 2006: $2.9 Million MassDevelopment Bond Supports Bakery Equipment Manufacturer
MassDevelopment has announced a financing package for C.H. Babb Co., Inc. of Raynham, Massachusetts. The company manufactures custom-made baking equipment for the food and service industry, and will use proceeds from a $2,992,000 tax-exempt bond to construct a 25,000 square foot addition to its current facility. C.H. Babb will also use bond proceeds to refinance debt associated with a 2001 MassDevelopment bond issue that funded the construction of its 50,000 square foot manufacturing plant. The project will result in the immediate creation of 10 jobs.
"As we continue to look to the high-tech sector to support our economy, we must not overlook the importance of our state's manufacturing industry and the role Bay State manufacturers played in making Massachusetts one of the premier locations for doing business in the world," said Robert L. Culver, MassDevelopment president/CEO. "C.H. Babb is certainly one of the Commonwealth's manufacturing pioneers, and we're pleased to have a hand in structuring financing for the firm's upcoming expansion."
Founded in 1918, C.H. Babb Co., Inc. manufactures custom bakery and industrial ovens, conveyors, sheeters and molders, proofers, and environmental enclosures. The company's products include eight primary types of tunnel ovens: direct fired, indirect-fired, air impingement, infrared, radiant tube, thermal oil, electric, and hybrids that combine multiple baking methods to deliver maximum product quality, while catering to a variety of related industries.
"Thanks to MassDevelopment and Bank of America for working with us once again to finance our current expansion effort," said President Charlie R. Foran, C.H. Babb Co., Inc. "This expansion will enable us to better serve our clients by increasing efficiency and client outreach, ensuring that our fourth generation business is here for many years to come."
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or managed 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4,702 permanent and 5,100 construction-related.