$19.4M in MassDevelopment Bonds Supports Five Western Mass Manufacturing Expansions
Projects to Create 84 Jobs, Highlight Strength of Regional Manufacturing Sector
MassDevelopment has announced low-cost industrial development bond financing for five western Massachusetts manufacturers. Hazen Paper Company of Holyoke; Argotec, Inc. of Greenfield; Petricca Industries of Pittsfield; Universal Plastics Corporation of Holyoke and VCA, Inc. of Northampton will share $19,438,000 in tax-exempt bonds purchased by TD Banknorth, Sovereign Bank, and the Bank of Western Massachusetts to expand operations by acquiring land, facilities, and equipment, or undertaking renovations to existing buildings. Together these projects will result in the creation of 84 new jobs for local workers.
"I’m not surprised keystone manufacturers are choosing to stay and grow in western Massachusetts, or that agency financing for these businesses is outpacing other regions," said Robert L. Culver, MassDevelopment president/CEO. "This part of the Commonwealth offers low per-square-footage facility costs, reasonably priced housing units, a skilled workforce, access to major routes of commerce like I-90 and 91, and unrivaled scenic beauty."
Hazen Paper Company – a paper converting company specializing in film and foil laminations, gravure printing, specialty coating, and rotary embossing – will use $6,000,000 in bond proceeds to purchase new equipment and create 43 jobs.
Argotec, Inc. – a manufacturer of plastic products for the automotive and healthcare industries – will use $5,000,000 in bond proceeds to purchase and renovate a 60,000-square-foot building to consolidate its two existing facilities and add 35 jobs.
Petricca Industries – a manufacturer of pre-cast, pre-stressed concrete structures – will use $4,500,000 in bond proceeds to construct a 22,100-square-foot building two miles from its existing facility, purchase new equipment, expand production capacity, and create 39 new jobs.
Universal Plastics Corporation – a manufacturer of heavy and thin gauge thermoplastic sheeting – will use $2,288,000 in bond proceeds to construct a 35,000-square-foot addition to its existing facility and create 14 jobs.
VCA, Inc. – producers of custom high-end furniture and architectural millwork – will use $1,650,000 in bond proceeds to construct a 20,000-square-foot manufacturing facility at MassDevelopment’s Village Hill Northampton project and create eight new jobs.
Since January 2007, MassDevelopment has financed the same number of projects for western Massachusetts manufacturers as in every other region of the state combined. Bond issues for these companies represent more than 55% of all industrial development bonds provided to Bay State manufacturers in 2007 (see attached chart).
Between FY2004 and FY2007, MassDevelopment financed or managed 768projects statewide representing an investment of more than $6 billion in the Massachusetts economy. These projects are supporting the creation of nearly 6,800 housing units and 34,000 jobs: 15,575 permanent and 18,276 construction-related.
