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Concordia plans $1.6 million expansion

18
Apr '08
The Rhode Island Economic Development Corporation(RIEDC)announced today that Concordia Manufacturing LLC has received a $500,000 loan from the Small Business Loan Fund to assist in its plans to expand its medical manufacturing operations.

As part of these expansion efforts, Concordia, a textile manufacturer will be leasing a 24,575 square foot facility located at 60 Commerce Drive,Warwick, RI for medical manufacturing use.

The total capital cost for this expansion is approximately $1.6 million, which includes the build out of expanded clean room space and the purchase of new manufacturing and test equipment.

“Access to these funds will play an integral role in our company's expansion efforts into the biomedical space,” stated Randal Spencer, president and CEO, Concordia..”

“It is extremely important for us to keep our competitive edge and this expansion will allow us to increase our capacity for research & development along with medical manufacturing to meet the needs of our current and future clients.”

Concordia currently employs 57 people in Rhode Island. The company plans to hire an additional 10–15 people within the next 24 months as a result of these expansion efforts.

The 88-year-old textile firm's expansion into the technical and biomedical arenas “serves as a national model within the manufacturing industry,” said Saul Kaplan, executive director, RIEDC.

“This company has embraced innovation, and their products in the biomedical field have added value to researchers and distributors of medical devices.”

“High-wage job growth, and increasing the average wage for all Rhode Islanders continues to be a core focus of the RIEDC,” Kaplan added.

“Providing access to capital for innovative company's, like Concordia, which are poised for near-term growth is an essential part of our state's economic growth strategy.


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