Process Cooling Expanding in Leominster
By Peter Jasinski
LEOMINSTER -- City officials and members of the local business community met at Southgate Business Park Wednesday for a groundbreaking ceremony to celebrate the construction of a new location for Process Cooling Systems Inc.
The company, which has 75 employees split between its facilities in Leominster, Fitchburg, and South Carolina, hopes to expand further with the new location.
“With everything the town and the state did for us, we decided this was the place where we wanted to stay,” said Ted Rudy, Process Cooling Systems president.
The company’s decision was largely aided by a tax increment financing agreement, or TIF, that the City Council approved earlier this year. At the time, the TIF was estimated by the city to reduce the property taxes on Process Cooling Systems by $680,000 over the next 10 years and create 16 new jobs by allowing the company to expand here.
“We’d probably hire another two or three people right now if we had a place to put them,” Rudy said Wednesday.
Construction of the new facility is now underway and expected to be completed by July 2019. The finished structure will have a footprint of 55,000 square-feet, which is roughly twice the combined size of Process Cooling Systems’ existing Leominster and Fitchburg locations.
“We’re looking to grow market share and the only way we can do that is to be able to have quicker turnaround time for our customers,” said Rudy. “Right now, our turnaround times are a little longer than we’d like to see them, so we’re hoping that we’ll be able to deliver systems quicker and improve our ability to go out and get jobs we may have been losing in the past.”
Construction of the new location was financed through IC Federal Credit Union.
“It took a few months to cultivate the relationship and we competed against several other local banks for this,” said Bruce Mathieu, IC Federal Credit Union’s senior vice president of business development. “All three owners had been members of the credit union previously so it worked out fine.”
Founded in 1963, Process Cooling Systems designs, installs and services water systems for industrial manufacturing operations.
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