Canton HVAC manufacturer expanding
MassDevelopment provides financing for projects across the state, including at the American Antiquarian Society in Worcester, pictured above.
A Canton-based manufacturer is planning to expand its operation into Randolph and create 20 new jobs there with assistance from a tax-exempt bond from the state's finance and development agency.
Cox Engineering Company, which designs, fabricates, and installs HVAC piping and sheet metal ductwork, is planning to buy and renovate a 73,000-square-foot building in Randolph and buy new manufacturing equipment with a $6.3 million tax-exempt bond issued by MassDevelopment, the agency announced Monday.
"We are excited to expand the manufacturing capabilities in Randolph by renovating a 73,000-square-foot facility and doubling our manufacturing footprint," Cox President and CEO Jon Desmond said in a statement. "Coupled with a significant investment in new machinery, we are confident in the growth of the organization in Massachusetts."
MassDevelopment said Cox has invested $9.5 million into the project, which is expected to create 20 new full-time jobs in Randolph.
The expansion in manufacturing comes while Massachusetts manufacturers are reportedly feeling far more confident than a year ago. Associated Industries of Massachusetts last week reported that "employer confidence in both the state and national economies remains well above the level we saw a year ago, especially among manufacturers."
In fiscal year 2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy, according to the agency. Those projects are expected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.
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