WESTERLY, R.I., Sept. 17, 2014 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Banking Group recently provided $6 million in construction and permanent financing to Science Hill Realty, LLC, the real estate holding company of Foster Corporation, for a new manufacturing facility in Putnam, Conn. Foster Corporation, a leading supplier to the medical device industry and market leader for polymers used in interventional catheters, recently broke ground on the 9.21 acre lot at 36 Ridge Road in Putnam, Conn., that will house a 32,000 square foot cGMP manufacturing facility.
The new building, scheduled to be completed by May 1, 2015, will be FDA registered and will provide the necessary resources for development and manufacturing of complex pharmaceutical and medical device components, including implantable devices, drug delivery devices, and drug/device combinations. The facility will include a clean suite, clean equipment storage, QC lab, GMP warehouse, office space, loading dock and machine room.
"Foster Corporation is fortunate to have the support of Washington Trust, a relationship that began over five years ago with acquisition financing," said Foster Corporation Executive Vice President and Chief Financial Officer, Hank Hague. "Over time our relationship has expanded to include cash management services, working capital financing, and today construction financing. We are committed to our mission: Enabling polymer technologies to improve the quality of life and Washington Trust as our banking and financial partner helps us achieve this mission."
"Foster Corporation is a leader in the medical device technologies industry and was named to Deloitte's Technology Fast 500TM in 2013. As the medical device market continues to grow, it puts pressure on equipment manufacturers to outsource aspects of product development companies like Foster Corporation," stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "This state-of-the-art" facility will help them continue with innovative product development and design, as well as enhance production and packaging."
Washington Trust's Commercial Banking Group provides multi-million financing to leading businesses, manufacturers, hospitals, and educational institutions throughout the Northeast. We offer a full line of commercial and industrial lending services, including business lines of credit, term loans, international banking services, as well as comprehensive cash management services and bank-at-work conveniences. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. For more information, contact Joseph M. Confessore, Senior Vice President and Team Leader, at 401-348-1439, or 800-475-2265 ext.1439, or jmconfessore@washtrust.com.
ABOUT FOSTER CORPORATION
For 25 years, Foster Corporation has been at the forefront of medical materials solutions based on extremely precise polymer technology. Foster Corporation is a leading supplier of custom biomedical polymers for the medical device industry, including custom compounds for minimally invasive devices, polymer formulations for medical implants, and drug/polymer blends for combination products. For more information, visit www.fostercomp.com.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is one of New England's premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (Nasdaq:WASH).