Tricab Inc. Purchases Airport Park Land
An international cable maker with its North American headquarters in Worcester will likely be staying a while after it recently agreed to purchase 12 acres of land from the city at the airport industrial park.
Coppage Holdings Inc., an affiliate of Tricab Inc., has agreed to pay $400,000 for a parcel the company, located at 15 Coppage Dr., had been leasing since 2008. Tricab is a subsidiary of Australia-based Triangle Cable, which manufactures cables for the marine and industrial markets.
Tricab President Arthur Raymond said Tuesday morning that the purchase means potential growth at the Worcester location, which houses 50 employees.
"The plan will be eventually to expand and of course we are pouring tons of money into the location," Raymond said. "It's just a continuous improvement of offices and the working environment, air handling, everything."
Raymond would not disclose how much the company is spending nor would he detail any expansion plans. He said the sale would likely close this week.
Tricab's Worcester location is the company's only plant in North America. It has a presence in Europe, Asia, the Middle East and other countries, according to its website.
PCI Property Holdings LLC foreclosed on the property in 2007, acquiring the leasehold interest from the Kennedy Family Trust, according to land records and Worcester City Council meeting minutes. PCI then began leasing the property to Tricab a year later.
The Kennedy Family Trust had leased the land from the city since 1986 under an agreement that required it to pay only $1 per acre each year.
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