New Hampshire’s Business Finance Authority (BFA) is pleased to announce it has approved financing that will support Milford-based Hitchiner Manufacturing in their plans to expand and construct a new 85,000-square-foot facility on the company’s Elm Street campus.
The BFA backed bond that was approved by Governor and Council, will help finance a multi-phased $50 million capital investment for Hitchiner so that the company can continue to expand its operations to support new growth in markets. It also means that the company that was started in New Hampshire in1946 will stay put and continue to grow its operations in the state.
“We are proud of this success story that one of our state’s great companies and employers will be able to expand its operations and create more jobs in New Hampshire, stated James Key-Wallace, Executive Director of the New Hampshire Business Finance Authority. “Hitchner’s announcement is a strong example of business and government working together at the highest levels to produce positive results.”
In announcing the project, Hitchiner Chair and CEO John H. Morison credited both the state, BFA and local governments in helping them decide to expand operations in New Hampshire.
“We were able to identify opportunities that, once realized, will help mitigate the risk of investing in New Hampshire, which made the decision to stay here in Milford possible, stated Morison.”
The expansion, which is scheduled to begin later this year and will mean the addition of 85 permanent jobs and the company’s continued contribution to the state and local economies.
“In today’s competitive environment where states are actively competing and trying to recruit companies away from other states it’s critical that our team is always responsive to ensure that our companies know New Hampshire wants to work with them to ensure their success,” said Key-Wallace.
About the BFA
The Business Finance Authority (BFA) is a non-profit, quasi-government entity created by state law in 1992 to foster economic development and create employment in New Hampshire. The BFA performs its important work to help stimulate our regional economy by collaborating with banks, businesses and economic development agencies to expand the availability of credit to businesses, health providers, educational and cultural organizations.