Morristown Company Among Those Receiving VEDA Financing

posted Feb 15, 2013, 5:21 AM by Staff News & Citizen
by Mickey Smith


   


Mike Boudreau (left) and Jeff Walker at one of the five-axis CNC machines used at 

Sterling Technologies, Inc.                                                                                   Smith photo


MORRISTOWN –  Sterling Technologies Inc., a precision manufacturing company located in Morristown, has been awarded a loan of $350,000 from the Vermont Economic Development Authority as part of $3.7 million in business financing assistance around the state.

“VEDA is pleased to provide financing assistance for several exciting manufacturing expansion projects throughout Vermont,” said Jo Bradley, VEDA’s Chief Executive Officer. “The Authority’s financing will help stimulate $9.2 million in economic development investment, creating and saving Vermont jobs.”

The financing will be part of a $938,000 upgrade of machinery and equipment for the company, which currently employs nine employees. Union Bank is also involved in the financing. According to the VEDA press release, Sterling expects to be able to grow to 13 employees within three years of the expansion project.  

The upgrade will include equipment that will create the ability for Sterling to increase their production volume.  Down the road, Boudreau said, it will expand capacity by allowing “lights out” operation, meaning machinery will be able to be set up to run overnight without supervision.  About a third of the money will be used for a clean environment inspection lab. The first of the equipment is scheduled to arrive in March and the rest in May.

Mike Boudreau and Jeff Walker created Sterling Technologies about nine years ago and originally operated out of Jeff’s garage.  They now have facilities on Wilkins Street and Harrel Street, but Boudreau said they soon plan to relocate everything to the Harrel Street facility to get everything under one roof. 

Using five-axis CNC (computer numerical control) machines, Sterling manufactures precision components from raw materials such as titanium, technical ceramics and glasses for use in the semiconductor, medical, aerospace and microwave communications industries.

 Other recipients in this disbursement includes Koffee Kup Bakery in Burlington, which is purchasing the Vermont Bread Company and money for farmers through the Vermont Agriculture Credit Corporation.

Since 1974, VEDA’s goal has been to contribute to “the creation and retention of quality jobs in Vermont.”  Most of the time VEDA loans are done in conjunction with banks or other financing partners in order to help stimulate economic development.



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