Worcester-based Dennison Lubricants has received a $4.2 million bond and plans to use the proceeds to expand and equip its facility, creating 20 new jobs in the process, according to an announcement Thursday.
The expansion will allow the company to grow its workforce and increase its manufacturing capabilities. The work includes a 20,000-square-foot addition to the current facility, which was built in 1972..
The tax-exempt bond was issued through MassDevelopment, the state's finance and development agency.
"Manufacturing is a growing and important sector in Massachusetts, and Dennison's expansion provides an example of the job opportunities manufacturers are creating in Gateway Cities," Marty Jones, MassDevelopment president and CEO, said in a statement. "We are pleased to offer this low-cost financing on behalf of Dennison Lubricants so the company can continue its economic contributions to Central Massachusetts."
Founded in 1987, Dennison Lubricants operates facilities in Worcester and near Taunton and Augusta, Maine. More than 100 people work at the three sites, which service more than 3,000 customers, the company said.
"The MassDevelopment bond was instrumental in allowing us to expand the scope of our project," said Timothy Dennison, company founder and president, in a statement. "This enabled us to invest more dollars in our Worcester project and create more jobs."
RBS Citizens purchased the bonds.
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