January 5, 2011
TechPrecision Buys Facility, Will Hire 30 Workers
By Brandon Butler
Ranor Inc., a subsidiary of Westminster-based component manufacturer TechPrecision Corp., has purchased a 125,000-square-foot manufacturing facility for $4.3 million and plans to hire 30 new workers.
The company purchased the building in Westminster from WM Realty Management LLC, which has been leasing the space to Ranor.
Ranor's financing for the purchase came from a $6.2-million tax-exempt bond from the federal government. The transaction is part of a larger project totaling $7.3 million, which includes an 18,000-square-foot expansion, the purchasing of new equipment and the hiring of 30 new workers.
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