New Hampshire, September 8, 2023 – New Balance, a renowned global leader in athletic shoes, is set to expand its operations to New Hampshire. The company has partnered with the New Hampshire Business Finance Authority (BFA) to secure a bond of up to $72,500,000 to build a 102,000 square foot manufacturing facility at 55 Pettengill Road, Londonderry. This will be the company’s sixth U.S. based athletic shoe manufacturing facility in the United States.
James Key-Wallace, Executive Director of the BFA, expressed enthusiasm, stating, “This presents a tremendous opportunity for New Hampshire and will generate hundreds of new jobs. New Balance, renowned for offering high-quality jobs with competitive wages, perfectly aligns with the BFA’s mission to foster economic growth, facilitate business expansion, and create employment opportunities. New Hampshire doesn’t play the subsidy game you see in other states, and yet we continue to see employers of all sizes choose the Granite State. New Balance will have a profound impact on the local economy, and the BFA is committed to facilitating their entry into New Hampshire.”
To move the project forward, New Balance engaged in a public-private partnership with the BFA approved by the NH Executive Council. Under this arrangement, the BFA uses state-backed bonds to construct the new facility and subsequently lease it to New Balance. This allows the BFA to facilitate the project while New Balance remains responsible for maintaining the facility and paying back the associated financing via their lease. This strategic partnership enables New Balance to construct the building while focusing its capital on product innovation and workforce recruitment. The BFA, a self-funding agency that uses no taxpayer dollars, has successfully forged similar partnerships with other large-scale companies such as BAE Systems and Sig Sauer that have created over 1,000 jobs in the Granite State.
“New Balance is excited about the opportunity to expand our domestic manufacturing footprint in New Hampshire and add hundreds of family-sustaining jobs to the Londonderry community,” said Dave Wheeler, Chief Operating Officer, New Balance Athletics. “New Balance MADE enables our product innovation and creativity, showcases the unique craftsmanship of our U.S. associates, and helps us meet our significant U.S. and global consumer demand.”
It is expected that New Balance will generate up to 238 new jobs, with 147 of them anticipated to be created by the end of 2024 and an additional 91 by the end of 2025.
About the NHBFA
The Business Finance Authority (BFA) is a self-funding organization that fosters economic development and creates employment in New Hampshire. The BFA accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs which expand the availability of credit in the state. Our customers include manufacturers, small and medium-sized businesses, health providers, and non-profit educational and cultural organizations.