Industry News: $19 Million in MassDevelopment Financing Supports Six Manufacturing Expansions

MassDevelopment has announced low-cost tax-exempt bond and loan financing for six Massachusetts manufacturers. FIBA Technologies, Inc. of Millbury, Millstone Medical Outsourcing, Inc. of Fall River, All Steel Fabricating, Inc. of North Grafton, Valley Steel Stamp, Inc. of Greenfield, Phillips Precision, Inc. and Pitbull Clamp Co., Inc. of Boylston, and Kentfab Engineering, Inc. of Hanover will share $19,051,400 in bonds, loans, and export loan guaranties to expand operations by acquiring land, facilities, and equipment, or undertaking renovations to existing buildings. Together these projects will result in the creation of 114 new jobs for local workers.

"Despite the nationwide credit crunch, we are open for business and ready to lend to qualified borrowers who are expanding and creating jobs in the Commonwealth," said Robert L. Culver, MassDevelopment president/CEO.

FIBA Technologies, Inc. – a manufacturer of high-pressure gas storage and transportation equipment, will use $10,000,000 in tax-exempt bond proceeds to purchase and install new manufacturing equipment including a large forge, heat treat furnace and boring machines and create 42 jobs.
Millstone Medical Outsourcing, Inc. – a medical device manufacturer and packaging solutions firm, will use $4,530,000 in tax-exempt bond proceeds to purchase and renovate an existing building , install a class 10,000 clean room, and outfit the building with new manufacturing equipment.
All Steel Fabricating, Inc. – a fabricator of metal products for New England manufacturers, will use $1,655,000 in tax-exempt bond proceeds to construct a 12,600-square-foot addition to its existing facility, purchase new equipment, and create five jobs.
Valley Steel Stamp, Inc. – a high-volume tooling and machining firm, will use $1,290,000 in tax-exempt bond proceeds to purchase and renovate a vacant 22,000-square-foot building in the Greenfield Industrial Park, acquire new equipment, and create five jobs.
Phillips Precision, Inc. and The Pitbull Clamp Co., Inc. – a prototype development company and fixture clamp manufacturer respectively, will use a $750,000 real estate loan supported by a $500,000 export loan guaranty to construct a 7,500-square-foot addition to its existing facility and create 10 jobs.
Kentfab Engineering, Inc. – a fabricator of custom metal products, will use a $192,000 equipment loan supported by a $134,400 export loan guarantee to purchase a new WaterJet Table Cutter and create two new jobs.

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 2008, MassDevelopment financed or managed 265 projects statewide representing an investment of more than $3 billion in the Massachusetts economy.