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Woburn-based Rapid Coatings plans to triple its square footage, add 15 new full-time jobs and keep 11 full-time employees when it moves to a Ward Hill office building in August.
The state’s Economic Assistance Coordinating Council Thursday approved $75,000 in investment tax credits for Rapid Coatings through the Economic Development Incentive Program. The company, which opened in 2014, provides conformal coating—a thin film—to protect components on electronic circuit boards. President George Grom said his company spent 18 months searching for a building before it discovered the Haverhill property which was constructed in 2006. In a statement, he explained why Rapid Coatings chose Haverhill.
“Haverhill is centrally located for our customer base, we have a significant number of employees that reside in Haverhill and the Merrimack Valley region and the additional floor space will allow us to continue to automate and provide increased operating efficiencies,” he said.
As WHAV has previously reported, the company is working with MakeIT Haverhill to hire full- and part-time operations technician jobs as well as internship or co-op positions.
Rapid Coatings bought the 35 Avco Road professional building at the end of April for $1.6 million and told the state it will make a private investment of about $2.4 million. The expansion will triple Rapid Coatings former floorspace and provide dual manufacturing areas to allow for increased automation and efficiencies in the conformal coating process.
According to the state, Haverhill plans to reclassify the property from office/professional to light industrial, resulting in property tax relief of approximately $15,000.