Chicopee��s Diecast Connections Grows Business Backed by Massdevelopment Growth Loan
4/5/2012 8:01:00 PM
MassDevelopment has provided a $300,000 manufacturing growth loan to DieCast Connections Company, Inc., a Chicopee manufacturer of permanent mold casting and aluminum and zinc die-casting. The company will use loan proceeds to hire additional employees and purchase equipment and material in support of a new product, thus providing the necessary working capital to support growth. Over the last two years, DieCast has invested in technical advances and engineering software as part of its strategic growth plan. This strategy has generated innovative designs while controlling costs and quality, and the company is now focused on meeting orders that this investment created. The funds from the manufacturing growth loan will support this new production.
"Loans from the new Manufacturing Innovation Programs help companies grow and fill new orders," said MassDevelopment President and CEO Marty Jones. "We're pleased to provide these funds to DieCast and support its strategic vision for growth."
Founded in 2004, DieCast Connections provides engineering services and support, casting, secondary finishing, machining, component assembly, injection molding, and powder coat painting services. Industries served include automotive, electronics, industrial equipment, and utilities. DieCast produces unique molds for each product for each customer. The company, which employs 20 people, expects to add six jobs as a result of the project.
"This program has provided the additional financial resources that will allow DieCast to create sustainable growth and jobs, which is a benefit to the local economy," said DieCast Connections President Beth Zastawny.
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.