MassDevelopment Bond Supports Expansion For Pittsfield Manufacturer12:00AM / Thursday, December 21, 2006
Pittsfield - MassDevelopment today announced a $2,500,000 industrial development bond issue for Hi Tech Mold & Tool, Inc. in Pittsfield.
The company will use bond proceeds to construct a 20,000-square-foot addition to its existing facility and to purchase new equipment. Construction on the site was completed this month and company officials expect to move early in the new year. Hi Tech Mold & Tool’s expansion will enable the firm to accommodate significant new orders and create eight new jobs.
“A critical focus of MassDevelopment is to support and expand manufacturing in the Commonwealth by providing low-interest financing to area businesses,†said Robert L. Culver, MassDevelopment president/CEO. “We are pleased to assist companies like Hi Tech Mold & Tool because they are locally-based and committed to manufacturing in the Commonwealth.â€
Hi-Tech Mold & Tool, Inc. specializes in metal to plastic conversions and provides a complete range of plastic and silicone processing services to equipment manufacturers worldwide.
Incorporated in 1983, Hi-Tech Mold & Tool serves a variety of fields including medical, aerospace, military, telecommunications, recreational, electronics, automotive, food service, and the consumer product markets. The 20,000-square-foot addition to its facility will expand its secondaries dept and improve production flow throughout the plant.
“We are thankful that MassDevelopment and TD Banknorth worked with us to finance our expansion,†said Hi Tech Mold & Tool, Inc. President William Kristensen, Sr. “By helping us purchase and renovate this new facility we were able to stay in Massachusetts, increase production and create new jobs.â€
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. Since fiscal year 2004, MassDevelopment financed or managed 586 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,537 housing units and more than 23,500 jobs.
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