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November 18, 2008

Three Area Manufacturers To Expand With $12M In Financing

Three Central Massachusetts manufacturers will expand and create 57 new jobs as a result of winning a share of $19.1 million in tax exempt bond financing from MassDevelopment.

FIBA Technologies Inc. of Millbury will use $10 million in tax exempt bonds to purchase and install new manufacturing equipment and hire 42 people. The company makes high-pressure gas storage and transportation equipment.

All Steel Fabricating Inc., a steel fabricator for manufacturers, will use its $1.66 million in tax exempt bond proceeds to build a 12,600-square-foot addition to its North Grafton facility, purchase new equipment and hire five people.

Phillips Precision Inc. and the Pitbull Clamp Co. Inc. of Boylston, a prototype developer and fixture clamp manufacturer, will use a $750,000 real estate loan supported by a $500,000 export loan guarantee to construct a 7,500-square-foot addition to its present facility and hire 10 people.

Other companies sharing in the $19 million MassDevelopment financing include Millstone Medical Outsourcing Inc. of Fall River, Valley Steel Stamp Inc. of Greenfield and Kentfab Engineering Inc. of Hanover.

MassDevelopment said that it is willing to loan money to companies that are expanding and creating jobs despite the down economy.

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