King of Frankfurter Manufacturers Expands Production with $4 Million Financing Package
MassDevelopment today announced a $4.1 million financing package for Massachusetts-based Pearl Meat Packing, Co. Pearl Meat Packing is a local manufacturer of frankfurters and premium quality deli meats that have been a staple in the Northeast for nearly 60 years. The Pearl Meat Packing Co. will use proceeds from tax-exempt bonds issued by MassDevelopment to purchase and renovate a new facility in Randolph, Massachusetts. The company will increase its workforce by 10 and expand production by 30 percent.
"We are pleased to partner with Pearl Meat Packing Co. on this financing package," said Robert L. Culver, MassDevelopment President/CEO. "Pearl Meat not only has provided jobs to local residents for decades, the company also makes a product that is relished by young and old statewide and beyond."
Pearl Meat Packing Co. is an "old-world style" meat manufacturer. Its products include corned beef, pastrami, and frankfurters that are famous throughout New England, especially in the Commonwealth. Their hot dogs, with natural casings and imported spices, are cooked in brick smokehouses on-site in the company’s meat processing facility.
Pearl’s retail clients include Stop and Shop Supermarkets, Shaw’s Markets, Roche Brothers Supermarkets, and BJ’s Wholesale Clubs, as well as other independent and national retailers and food service operations. In addition, Pearl products can be found on the menu at restaurants and food vendors throughout the state such as the Sausage Guy, Simco on the Bridge, Best Sausage Co., and Jasper White’s Summer Shack.
"We started manufacturing our homemade meats in 1947 and we pride our company on the quality and consistency of our product," said Bob Camelio Sr., President of Pearl Meat Packing Co. "We see this move as an opportunity to increase the efficiency and stability of our production, which we could never have done without the help of MassDevelopment and Bank of America."
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.
