- June 12, 2012
GLOUCESTER, MA | Gloucester Engineering Co. (GEC) has received a $1 million loan from Massachusetts Growth Capital Corp. (MGCC) to assist in securing letters of credit to purchase materials. MGCC president Charles Grigsby presented the check at GEC’s recent 50th anniversary celebration.
Grigsby says of Gloucester, “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 % of the company’s products are exported. Therefore GEC is demonstrating that a Massachusetts company can effectively compete in the international manufacturing market.”
GEC manufactures equipment which produces plastic bags, foam and sheet extrusion, blown and cast film, and extrusion coating. The company offers its customers both new lines and components for retrofit.
“The past year has been one of sustainable growth for [us],” says Gloucester CEO Mark Steele,. “Our approach starts by listening to our customers, understanding what they truly need to compete in this global marketplace, and investing in the innovation that matters most. That’s how we are meeting our commitment to our industry, our employees, and our community—today, and for the long haul.”
GEC emerged from bankruptcy successfully in 2010 with the help of Blue Wolf Capital Partners, a New York private equity firm that is now a majority stakeholder in the company.