John Matouk & Co., a manufacturer of fine linens, plans to renovate 20,000 square feet of existing manufacturing space, build a 40,000-square-foot addition, and install new manufacturing equipment at its Fall River, Massachusetts, production facility. The firm expects to create 45 jobs in the region.
To assist the firm with its improvement project, MassDevelopment issued $6.92 million in tax-exempt bonds on behalf of Sheltering Sky Real Estate, the real estate entity of John Matouk & Co. MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth.
“MassDevelopment has been a crucial growth partner for Matouk for over eight years,” said Matouk CEO George Matouk Jr. “Its support has enabled us to build a strong foundation upon which to innovate, compete and thrive in the fine linen industry for another generation.”
“Matouk exemplifies the kind of cutting-edge company that has led to a revitalization of manufacturing in Massachusetts,” said MassDevelopment President and Chief Executive Officer Marty Jones. “MassDevelopment has partnered with Matouk on both previous projects and the promotion of advanced manufacturing in the Commonwealth, and we’re pleased to leverage this low-cost financing so Matouk can create jobs in this important sector.”