FROED Loan Helps Fund Expansion
FOR IMMEDIATE RELEASE
TUESDAY, MAY 2, 2006
CONTACTS: JOSEPH C. RAPOSO, FROED, 508.324.2620, email@example.com
LARRY CHIN, HATCH TECHNOLOGY, 508.673.9555, firstname.lastname@example.org
Fall River, MA – Hatch Technology, a high-tech firm that develops and builds automated manufacturing and control systems, unveiled its new 25,000 square foot facility in the Fall River Commerce Park. This marks the third major expansion of the eight-year old robotics company, founded in 1998 as a small consulting firm. Today, Hatch has 40 full-time employees and is engaged in an aggressive growth strategy.
Company President Martin Schwalm welcomed Mayor Edward M. Lambert, Jr. and representatives of the Fall River Office of Economic Development (FROED) and BankFive for a plant tour. They were joined by several students from Bristol Community College’s (BCC) Industrial Automation program, led by Mary Cass, Assistant Professor and Director of the Computer Integrated Manufacturing (CIM) Program.
Hatch’s latest expansion was funded with the help of a $200,000 low-interest FROED loan and additional financing courtesy of BankFive. In addition to purchasing the building, Hatch completed extensive interior renovations to accommodate its manufacturing requirements. The company has pledged to create at least 14 new full-time jobs in the coming months.
“This announcement today is welcome news for a city that is working hard to diversify its industrial base,” said Mayor Lambert, Chairman of FROED’s Board of Directors. “We’re committed to providing resources to support the growth of our technology sector, and the availability of capital is certainly a priority for us. Hatch’s growth bodes well for the City of Fall River, and I applaud Marty and his team for the hard work that has led to this latest success.”
Mayor Lambert also recognized the strong partnership between Hatch and BCC that has provided the company with excellent training opportunities. “BCC has done a remarkable job of working with the business community to develop training programs that improve skills and make a difference in the workplace. Mary Cass’ CIM Program is a fine example, and it’s fitting that she and her students are here today to celebrate Hatch’s most recent expansion.”
Hatch Technology is a leading provider of products and specialty automated systems for factory and laboratory applications. The company’s high performance systems are specifically designed to meet customers’ unique business and manufacturing needs. Hatch is staffed with seasoned project managers, mechanical, electrical, chemical and software engineers, and technicians.
Founded in 1998 as a small consulting firm, Hatch Technology has grown to 40 employees and is expecting to add an additional 4 – 6 full-time employees this year. Hatch helps companies in the Life Sciences, Automotive, Industrial and Consumer Products industries.
Mr. Schwalm stated, “Our growth is a reflection of the great teamwork that exists not only within our company, but also with our local partners in the private and public sectors. Mayor Lambert and the Office of Economic Development have been with us since we first moved to Fall River in 2003. BankFive, represented today by Paul Medeiros and Joan Medeiros, has been steadfast in its support. BCC is helping us improve our overall efficiency. All of this, combined with the hard work and commitment of a truly outstanding workforce, has allowed us to meet our customers’ needs.”
Kenneth Fiola, Jr., Esq., FROED’s Executive Vice President, stressed the value of small businesses such as Hatch Technology to the local economy. “This expansion is important in multiple ways,” Fiola explained. “First, the employment totals are significant – 40 jobs and a commitment to create more positions in the technology sector. Second, additional private investment in the Commerce Park benefits the city. Third, we have a company that is working closely with BCC, improving the skills of its employees and providing new job opportunities for the local workforce. These are just a few of the positive impacts that this project will have on the City of Fall River.”
Established in 1978, FROED is a private, nonprofit corporation that operates as Fall River’s “one-stop shop” for business and economic development. The office offers incentives to startup, expanding and relocating businesses. They include low-interest financing, tax exemptions, employee recruitment and training services, and site selection assistance.
FROED also provides technical support for permitting, infrastructure and varied other needs. The programs complement Fall River’s low business costs and can be packaged with other private and public sector incentives. For more information, please contact FROED at 508.324.2620 or visit the office’s website, www.froed.org.
For more information on Hatch Technology, please visit the company’s website, www.hatchtechnology.com.