May 31, 2018

Mass. manufacturer moving to Putnam

A Massachusetts advanced manufacturer has committed, in return for state aid, to erecting a $5.26 million headquarters-production facility in Putnam and creating 40 Windham County jobs there by 2023, state officials say.

The state Department of Economic and Community Development (DECD) and the governor's office also announced Thursday that DECD will provide a $1.5 million, partly forgiveable loan to Magnetic Technologies Ltd.

The State Bond Commission on Friday approved funding for DECD's loan to Magnetic.

The closely held, 34-year-old, Oxford, Mass., maker of magnetic and electromagnetic clutches and brakes for the wire and cable industry, will purchase a lot in the Putnam Industrial Park, on Highland Drive, and begin construction of the headquarters next year, officials said.

"The Putnam location and the new facility will provide the foundation for our continued growth," Magnetic President John DeLuca said.
Putnam Mayor Norman Seney hailed Magnetic's plans, saying the town "is committed to support and nurture this business …"

Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

Today's Poll Should CRDA use eminent domain to acquire a key, privately owned block of the XL Center?<>
Most Popular on Facebook
Copyright 2017 New England Business Media