Saint-Gobain Expanding Into Devens
Saint-Gobain is taking over half of the former Evergreen Solar plant in Devens in an expansion of its manufacturing operations in Central Massachusetts, the site's owners announced Tuesday.
The French multinational corporation, which already has a strong presence in the region, with manufacturing and research and development sites in Worcester, Northborough and Milford, will also receive local and state tax breaks for the expansion. On Tuesday, a state panel approved more than $1.7 million in tax investment credits. The Massachusetts Executive Office of Housing and Economic Development also said Devens will also award a five-year tax increment financing (TIF) agreement, expected this fall.
The owners, Hackman Capital and Calare Properties, said Saint-Gobain plans to invest $31 million in the site and add 90 jobs to manufacture a component of light-emitting diodes (LEDs) for one of its divisions, Saint-Gobain Crystals. Production is expected to begin early next year. Saint-Gobain employs about 2,000 in its Central Massachusetts facilities.
"We are thrilled to have Saint-Gobain as a tenant," said Michael Hackman of Hackman Capital. "In a very short time, we've established a great relationship with the company and look forward to their success in the building."
The once-promising Evergeen, which employed more than 800 people in Devens and Marlborough, sold its 448,000-square-foot manufacturing plant in Devens in April for $8.5 million after a Delaware bankruptcy judge approved the move. The plant, which has an assessed value of $10.3 million, was completed in 2010.
"Thanks to our extensive network, we learned that Saint-Gobain was looking for a premiere property with significant, high-capacity infrastructure. The building was a perfect fit," said William Manley, president of Hudson-based Calare. "We're excited to have the facility occupied and operating so soon after its purchase, and we're thrilled that Saint-Gobain will be bringing new jobs to the community."
The housing and economic development agency said Saint-Gobain also has nearly $3 million in other depreciable assets for which the company can use its 3-percent investment tax credits for manufacturers, which could represent another $89,520 in tax reductions.
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