$3.5MM MassDevelopment Bond Supports Pioneer Packaging, Inc. Expansion in Chicopee
MassDevelopment President/CEO Robert L. Culver recently joined Chicopee Mayor Michael D. Bissonnette at a check presentation ceremony to announce a $3,503,000 financing package for Pioneer Packaging, Inc. The company will use proceeds from a tax-exempt bond to purchase a new eight-color printing press and rotary patching lining machine. The new equipment will allow the firm to expand its product offerings and enter new markets, resulting in the creation of three new jobs. Pioneer officials estimate the new equipment will be in-place and operational by October 2006.
"We are pleased to partner with Pioneer Packaging, Inc. and WestBank to support this historic, family-owned business as it expands and grows in Chicopee," said Culver. "Pioneer has been a client of MassDevelopment for more than 25 years – before the Government Land Bank and Massachusetts Industrial Finance Agency even merged – and this new support will position the company for success for many years to come."
Founded in 1946, Pioneer Packaging manufactures thermoformed plastics and paperboard folding cartons for clients in the northeast United States. The company offers full-service structural and creative design support to its customers, and can deliver most projects in a two-week timeframe. Pioneer Packaging has increased its work force to 67 workers representing hundreds of years of combined experience.
"Thanks to MassDevelopment and WestBank for structuring this competitive financing package, and to Mayor Bissonnette for his support," said Pioneer Packaging President Jeffrey Shinners. "Manufacturers like Pioneer were once the backbone of the Bay State economy, and it's comforting to know that the Commonwealth still views manufacturers as a critical driver of the economy by providing low-cost financing."
"Congratulations to Pioneer Packaging on its pending expansion effort," said Mayor Bissonnette. "Other Bay State businesses planning to relocate or expand should take a page from Pioneer's book and look at Chicopee. Our city offers competitive housing and per-square-foot costs, along with easy access to north-south transit routes and unrivaled recreational and environmental amenities."
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 in construction.