MassDevelopment has issued $6.2 million in tax-exempt bonds on behalf of Ranor, Inc., a Westminster manufacturer that fabricates and machines large metal components for a variety of industries. The company will use bond proceeds to purchase its current building at 1 Bella Drive and add 19,500 square feet of manufacturing space. Ranor will also purchase a new gantry milling machine, which cuts solid materials. Sovereign Bank purchased the bonds, and Ranor expects the project to add 20 jobs to its staff of 140.
“Ranor can expand both facilities and resources through this low-cost financing,” said MassDevelopment President and CEO Robert L. Culver. “By purchasing its current building, the company can devote funds to other components of its business. Massachusetts has more than 7,500 manufacturers that employ more than 250,000 people, and Ranor is contributing to this vital sector of the Commonwealth’s economy.”
Founded in 1956, Ranor has been at its present Westminster location since 1975. The company serves the alternative energy, medical, defense, and aerospace industries.
“Ranor’s continued success requires ongoing investment in facilities and manufacturing equipment,” said Ranor CEO Stan Youtt. “The tax-exempt bonds issued by MassDevelopment have provided the low-cost financing needed to accomplish this. We expect that the current expansion will enable us to continue to grow and expand our employment at this facility.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.
