The Built-Rite Tool and Die Co. has received a $500,000 loan from MassDevelopment to expand its Lancaster, Mass., facility.
Custom mold making and design firm Built-Rite will expand its Lancaster facility by 5,000 sq ft to 22,900 sq ft. The expansion will result in eight new jobs at Built-Rite, and the workforce of 70 people will focus on providing highly engineered dies and molds for manufacturers of aerospace, biotechnology, and medical parts and devices.
“We see excellent growth prospects, not only in the U.S., but internationally as well, especially in Asian markets where we already have customers and sales,” Built-Rite President Craig Bovaird said in a statement. “With the 5,000-sq-ft addition to our facility financed by MassDevelopment, we are well-positioned to seek growth opportunities in the global marketplace.”
MassDevelopment works with Central Massachusetts businesses to organize, expand, and secure loans to advance growth in the local economy.