Financing package will facilitate manufacturer's move to East Greenwich from Pawcatuck, Conn.
PROVIDENCE , R.I., April 20, 2011 – Webster Bank, the main subsidiary of Webster Financial Corporation, an nounced today that it is providing financing for Yardney Technical Products, Inc., a subsidiary of Ener-Tek International, Inc.
The financing package includes Webster's purchase of a tax-exempt bond totaling $6 million from the Rhode Island Industrial-Recreational Bond Authority (RI IRBA). The RI IRBA bonds will be used for the purchase and renovation of a 140,000-square-foot manufacturing facility at 2000 South Country Trail in East Greenwich , R.I. When it opens in the spring of 2012, the company will bring 165 jobs to Rhode Island .
Richard Scibelli, CEO of Yardney commented, “We value our partnership with Webster Bank and the confidence they show in our ability to move and grow our business operations. This facility will be a world class battery facility manufacturing products for demanding applications from deep ocean depths to outer space, such as the Mars Rovers, Spirit and Opportunity . We look forward to becoming part of the community.”
“We look forward to having Yardney become a vital part of Rhode Island 's growing advanced manufacturing industry and the creation of quality, high-paying jobs in our state,” RIEDC Executive Director Keith Stokes said. “The RIEDC is proud to have partnered with Webster Bank and the U.S. Small Business Administration to provide the company with the financing support that will help them grow and succeed in Rhode Island .”
“Ener-Tek has been a valued Webster customer since 2002,” said Anthony Capuano, senior vice president, commercial banking. “We are very pleased that we were able to work with the Rhode Island Economic Development Corporation and the Small Business Administration to help finance their growth and job creation here in Rhode Island .”
About Webster:
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $18.0 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 176 banking offices, 492 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
About Yardney:
Yardney Technical Products, Inc., a veteran-owned small business, is a technology-driven company that focuses on advanced battery technologies for use in high performance applications. These systems have proven successful on mini-subs, rockets, torpedoes, aircraft, satellites, and roving the surface of Mars. The company has distinguished itself since 1944 in the design, development, and manufacture of advanced battery technologies for Aerospace, the Department of Defense, and industrial/commercial applications. In addition to the Lithion product line, Yardney also produces silver-zinc and metal-air cells and batteries. Yardney batteries are successfully operating on a variety of platforms such as the USAF B-2 Bomber, Global Hawk RQ-4 and similar designs for Navy variants such as the UCAS-D and BAMS aircraft, Atlas and Delta launch vehicles, Mars Rovers, Underwater vehicles for various Navy platforms such as the Seal Delivery Vehicle. For more information, please go to www.yardney.com or www.lithion.com.
Webster Media Contact: Brenda F. Greene (401) 228-2083, bgreene@websterbank.com