MassDevelopment issued a $4.2 million tax-exempt bond
on behalf of Dennison Lubricants, a manufacturer and distributor of premium lubricants, with the company utilizing bond proceeds to expand and equip its facility in Worcester, Massachusetts
The expansion to the facility at 692-694 Millbury Street, which was built in 1972, will allow Dennison to increase its manufacturing capabilities and create 20 jobs. The expansion includes construction of a 20,000-square-foot addition, an upgrade to the existing rail spur, installation of a new truck scale, acquisition of additional equipment and improvements to the manufacturing laboratory.
Founded in 1987 by Timothy Dennison, Dennison Lubricants is one of the largest and fastest growing premium quality lubricants manufacturers in New England. The company operates three facilities including Worcester, Lakeville and Gardiner, Maine.
More than 100 individuals work at the three sites, which service more than 3,000 customers. Dennison blends its own Pennwood and Oilzum brands as well as providing custom blending for other manufacturers and oil companies. Dennison also distributes the Shell, Pennzoil, Quaker State and Gulf Lubricants brands throughout New England.
“The MassDevelopment bond was instrumental in allowing us to expand the scope of our project,” said Dennison Lubricants President/Founder Timothy Dennison. “This enabled us to invest more dollars in our Worcester project and create more jobs. We would like to thank everyone at MassDevelopment for their support of our project.”
“Manufacturing is a growing and important sector in Massachusetts, and Dennison’s expansion provides an example of the job opportunities manufacturers are creating in Gateway Cities,” said MassDevelopment President/CEO Marty Jones. “We are pleased to offer this low-cost financing on behalf of Dennison Lubricants so the company can continue its economic contributions to central Massachusetts.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth.