GLOUCESTER, MASS. (June 8, 12:25 p.m. ET) — Gloucester Engineering Co. got a $1 million boost from the Massachusetts Growth Capital Corp. on June 8 during festivities celebrating its 50th anniversary.
MGCC, which provides capital to Massachusetts small businesses, gave the company a $1 million loan to assist in securing letters of credit to purchase materials. MGCC is based in Charlestown, Mass.
“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 percent of the company's products are exported. Therefore GEC is demonstrating that a Massachusetts company can effectively compete in the international manufacturing market,” said Charles Grigsby, president of GCC, in a statement.
GEC, which got its start in 1961, provides system and component for the plastics extrusion and converting markets. It creates lines for blown and cast film extrusion, foam and sheet extrusion, bag making and extrusion coating equipment. GEC also does retrofits and provides parts. The company is headquartered in Gloucester and also has a joint venture in Damman, India.
“The past year has been one of sustainable growth for Gloucester Engineering,” said CEO Mark Steele, in a news release.
The company emerged from Chapter 11 bankruptcy protection in 2010 with the help of private equity firm Blue Wolf Capital Partners LLC, of New York. Blue Wolf is a majority stakeholder.