MassDevelopment, the state economic development organization, recently announced a financing package for K&K Thermoforming of Southbridge, Mass.
K&K Thermoforming, Inc. will use proceeds from a $2 million tax-exempt bond, supported by a $200,000 mortgage insurance guaranty, to acquire and rehabilitate an industrial building located at 394 Elm Street in Southbridge. The company plans to expand its work force by three, and retain 25 jobs.
Founded in 1999 by Hal Keller, Sr., K&K Thermoforming, Inc. manufactures plastic products used primarily for packaging in the medical and electronic industries. K&K Thermoforming’s purchase of the 91,500 square foot Southbridge building will allow the firm to continue its recent growth and meet new customer demands. K&K plans to lease a portion of the space to other local manufacturing companies.
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.
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