MassDevelopment has issued an $8 million tax-exempt bond on behalf of Advanced Cable Ties, a Gardner manufacturer of cable ties and wiring accessories. The company will use bond proceeds to build a 42,300-square-foot addition for manufacturing, warehouse, and office use to its facility at 245 Suffolk Lane in Gardner. Advanced Cable Ties will also use bond proceeds to buy injection-molding machines, molds, dryers, a silo, auxiliary equipment, and robots. The company expects the project to create 60 jobs and support 77 construction jobs. UniBank purchased the bond.
"The City and the Gardner Redevelopment Authority continue to work effectively with MassDevelopment in enhancing Advanced Cable Ties’ latest expansion efforts. The issuing of bonds through MassDevelopment complements other local and state resources being utilized for the growth of one Gardner’s industrial leaders," said Gardner Mayor Mark Hawke. "Advanced Cable Ties has been a staple in our community for many years and we trust that the application of these resources will help sustain its economic impact in the community well into the future."
Founded in 1994, Advanced Cable Ties produces quality cable ties and cable tie accessories through innovative technology and machinery. One hundred percent of the company’s products are made in the United States and include cable ties, specialty cable ties, cable tie accessories, specialty packs, tools, bundle management, and conductivity products for electrical components.
"North-central Massachusetts has a rich manufacturing past and present thanks to a highly-skilled workforce and leading companies like Advanced Cable Ties," said MassDevelopment President and CEO Marty Jones. "MassDevelopment is pleased to support the company as it expands in Gardner and strengthens its commitment to the Commonwealth."
"Establishing communication with MassDevelopment to assist Advanced Cable Ties in our growth was a pleasure," said Michael Marcinkiewicz, Chief Financial Officer of Advanced Cable Ties, Inc. "Any opportunity where we can build a relationship today will mold us for who we will become tomorrow. It’s a great opportunity for our organizations to come together and strive for the greater good of the Commonwealth."
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.