Calling the past year one of "sustainable growth", Gloucester Engineering Co. (GEC) CEO Mark Steele announced a new $1 million loan commitment from the Massachusetts Growth Capital Corp. (MGCC) for the extrusion technology supplier. The loan was presented by MGCC President Charles Grigsby at a ceremony marking GEC's 50th anniversary.
Grigsby noted that GEC was building an order backlog in the current fiscal year and has increased staffing to 120 people. Over 65% of the company's products are exported, which Grigsby noted as proof that a Massachusetts company can effectively compete in the international manufacturing market.
Local government dignitaries participated in the event, including Massachusetts Senate Minority Leader Bruce Tarr, Representative Ann Margaret Ferrante, and Gloucester Mayor Carolyn Kirk, along with members of the Gloucester City Council....