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$2.4 Million MassDevelopment Bond Supports Kirkwood Printing Expansion in Wilmington

MassDevelopment has announced a $2,400,000 tax-exempt industrial development bond for Kirkwood Printing Company of Wilmington. Bond proceeds will fund the company’s purchase of a new state-of-the-art printing press and related electrical upgrades to its facility on Main Street. Kirkwood officials estimate the expansion will result in the creation of 25 new jobs.

"Employers like Kirkwood Printing Company help strengthen our state economy by manufacturing top-of-the-line products and creating high-quality jobs for Bay State businesses and residents," said Robert L. Culver, MassDevelopment president/CEO. "We are pleased to partner with DanversBank to provide this low-cost financing to support Kirkwood’s expansion."

Founded in Burlington in 1973 as Kirkwood Technical Publications, Kirkwood Printing Company relocated to Wilmington in 1982. With a staff of 105 full-time employees, Kirkwood produces high-end commercial printing for a regional client base that includes customers in the financial services, education, medical products, consumer goods, travel, and non-profit sectors. The company plans to use its new printing press to produce annual reports, corporate literature, direct marketing pieces, museum posters, catalogues and maps, among other large projects. The purchase of the new Heidelberg six-color printing press plus coater will increase production by 35 percent.

"Thanks to MassDevelopment and DanversBank for working with us to finance our expansion," said Kirkwood Printing Company, Inc. President & CEO Bob Coppinger. "The purchase and installation of this new equipment will allow us to increase efficiency and product output, and capitalize on the continued growth our business has seen in recent years."

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. During FY 2007, MassDevelopment financed or managed 211 projects statewide representing the investment of more than $2 billion in the Massachusetts economy. These projects are supporting the creation of more than 1,280 new housing units and more than 11,000 permanent or construction-related jobs.