$1.9 Million MassDevelopment Bond Supports Mercury Brewing & Distribution
MassDevelopment has issued a $1,980,000 tax-exempt bond on behalf of Mercury Brewing and Distribution Company, Inc. of Ipswich, MA. The manufacturer of premium ales, lagers, and soft drinks will use the low-cost financing package to purchase 6.8-acres of land located at 2 Soffron Lane and construct a new 35,000-square-foot manufacturing facility. The brewery will relocate from its current location on Hayward Street and create 35 new jobs when the new plant is fully operational.
"Mercury Brewing’s remarkable growth is a testament to the quality of the company’s products and the talent of its leadership team," said Robert L. Culver, MassDevelopment president/CEO. "We look forward to watching this company continue to grow and hire new workers in the Commonwealth."
Mercury Brewing originally formed in 1991 as the Ipswich Brewing Company. In 1999, Ipswich Operations Director Rob Martin purchased the company from its founders and rebranded it as the Mercury Brewing and Distribution Company, Inc. Martin continued manufacturing Ipswich’s product line and added Stone Cat ales and lagers and Mercury premium sodas to the company’s offerings. Mercury Brewing officials decided to relocate and expand operations in response to the company’s rapid growth. In 2007, beer production increased by 44% over 2006, totaling more than 434,000 gallons and soda production increased by 22% over 2006, totaling more than 36,580 gallons.
"Thanks to this low-cost financing package we are able to expand and offer our award winning products to even more customers in New England and across the nation without breaking the bank," said Martin.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. During FY2008, MassDevelopment financed or managed 265 projects statewide representing an investment of more than $3 billion in the Massachusetts economy. These projects are supporting the creation of 4,001 housing units and more than 10,384 jobs: 5,424 permanent and 4,960 construction-related.
