Massachusetts Growth Capital Corporation (MGCC) (www.massgcc.com) today announced a $1 million loan for Gloucester Engineering Co. (GEC) (www.gloucesterengineering.com). The commitment to GEC is to assist in securing letters of credit to purchase materials.
“The company is making dramatic strides to build a profitable backlog for this fiscal year. The company has increased hiring to 120 and continues to expand its marketing efforts. Over 65 % of the company’s products are exported. Therefore GEC is demonstrating that a Massachusetts company can effectively compete in the international manufacturing market,” says Charles Grigsby, president of MGCC.
Grigsby presented the check to GEC at its 50th Anniversary celebration held at the Gloucester headquarters. Senate Minority Leader Bruce Tarr, Representative Ann Margaret Ferrante and Mayor Carolyn Kirk along with members of the Gloucester City Council attended and spoke to employees showing their support at the event.
“Gloucester Engineering has long been an important factor in the economic life of Cape Ann and the manufacturing base of our state,” said Senator Tarr. “The company has refocused, and in its 50th year is again alive with innovation, market leadership and good jobs for people throughout our region. With the help of strategic investment from MGCC and others, the next 50 years hold limitless possibilities for this local company with global impact,” said Senator Tarr.
"The Massachusetts Growth Capital Corporation has delivered an important tool for Gloucester Engineering to continue its vital role in the City as thought-leader in industry and job-creator for residents," said City of Gloucester Mayor Carolyn Kirk.
Since 1961, GEC has been a leader in providing well engineered and innovative solutions to the plastics extrusion and converting industry. GEC manufactures equipment which produces plastic bags, foam and sheet extrusion, blown and cast film and extrusion coating. The company offers its customers both new lines and components for retrofit.
“The past year has been one of sustainable growth for Gloucester Engineering,” said Mark Steele, CEO of Gloucester Engineering. “Our approach starts by listening to our customers, understanding what they truly need to compete in this global marketplace, and investing in the innovation that matters most. That’s how we are meeting our commitment to our industry, our employees, and our community – today, and for the long haul.”
A long-time beacon of Cape Ann’s economy, this global leader successfully emerged from bankruptcy in 2010 with the help of Blue Wolf Capital Partners (“Blue Wolf”) (www.blue-wolf.com )--a New York private equity firm--which is now a majority stakeholder in the company. The firm helped clear GEC’s debt to suppliers, negotiated with labor and government to help breathe new life into the company. Now, MGCC joins together with Blue Wolf and GEC to further strengthen GEC’s working capital in a unique partnership.
“The partnership between MGCC, Blue Wolf and Gloucester Engineering is the best example of public- and private-sector collaboration to benefit a mainstay of the Massachusetts manufacturing economy,” said Michael Ranson, partner within Blue Wolf Capital. “It captures the spirit of American resiliency, competitiveness and innovation.”
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