Pilot Precision gets $2.8M bond for former Oxford pickle property

  • STAFF PHOTO/PAUL FRANZ STAFF PHOTO/PAUL FRANZ

Staff Writer
Published: 2/11/2019 12:17:43 AM

SOUTH DEERFIELD — Eric Hagopian intends to use a $2.8 million tax-exempt bond from the Massachusetts Development Finance Agency to house The duMONT and Hassay Savage companies, which he merged to form Pilot Precision Products on Jan. 1, on land that was part of the site of the former Oxford Foods pickle plant property.

Hagopian, who in July bought a parcel of that land, is constructing an approximately 24,400-square-foot manufacturing facility for Pilot Precision Products to move into. The bond proceeds will purchase and install new manufacturing equipment. Shelburne Securities Corporation, a subsidiary of Greenfield Savings Bank, purchased the bond and is administering it, according to MassDevelopment.

He explained the state issues development bonds to spur economic growth and job creation, and said the bonds are “essentially discounted financing to make it more advantageous for companies to stick their necks out and employ more people.”

Hagopian said he employs 33 people and plans to add three to 10 more. He said the total project investment is about $5 million.

He said the merged company will grow at a more rapid rate than each individual company would have expanded on their own. He said construction began in October and is expected to be complete in early April. Employees at duMONT in Greenfield and Hassay Savage Company in Turners Falls will move in stages to the facility once it is finished. He said he intends to lease or sell The duMONT building on Well Street in Greenfield.

Hagopian said The duMONT Company has designed and manufactured a wide range of precision keyway-style broaches, linear cutting tools, since 1945, and is the largest manufacturer and supplier of push-type keyway broaches in the world. Hassay Savage Company was established in 1969 and has grown to become duMONT’s biggest competitor, according to MassDevelopment.

Reach Domenic Poli at: dpoli@recorder.com or 413-772-0261, ext. 262.


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