Shoe manufacturer New Balance is set to expand into Methuen after being named the recipient of an economic development initiative award from the Commonwealth.
Boston-based New Balance was one of twelve companies to receive the awards Wednesday from the administration of Gov. Charles D. Baker and Lt. Gov. Karyn A. Polito, in conjunction with the state’s Economic Assistance Coordinating Council. The incentive awards are part of the state’s Economic Development Incentive Program, and were distributed throughout Massachusetts.
The Methuen expansion of New Balance is expected to bring 60 new jobs to the community, along with the retention of 15 current positions. New Balance plans to experiment with new technologies, including an increased focus on automation and 3D manufacturing.
New Balance is slated to receive $900,000 in state tax credits for the project, while it will make an estimated $33 million investment in the community.