By Dana Reilly
PBN Staff Writer
PAWTUCKET - Cooley Group, a flexible composites manufacturer based in Pawtucket, announced Monday that it has secured a $25 million loan from Webster Business Credit Corp.
The five-year financing package will be used to expand both Cooley’s North American and international operations, including further expansion into Brazil, China and India.
“We are grateful for WBCC’s commitment to the growth of the Cooley Group,” Cooley CEO and President Daniel Dwight said in prepared remarks.
“The combination of improved cash flow from more competitive interest rates, extended amortization schedule on the long-term debt and the addition of a capital expenditure line will provide Cooley with the additional financial resources necessary to expand our global production capacity and marketing and distribution reach,” he added.
Cooley currently operates out of plants in Cranston and South Carolina, and distributes its products in more than 20 countries worldwide. Dwight announced in April that the company would be doubling its manufacturing capacity by 2015 to fill increasing demand for Cooley’s engineering membrane and commercial graphics products.
The company worked with Dow Chemical, Rainer Industries and Shade Worldwide to develop a wrap that encircled London’s Olympic Stadium during the recently concluded Olympic Games and still-to-come Paralympic Games.
Webster Business Credit Corp. is a New York-based division of Webster Financial Corp. that lends to mid-sized manufacturers, wholesalers, distributors and retailers throughout the Northeast.