Food company expands with Mass. tax-exempt bond

MassDevelopment, the state's finance and development authority, announced the closing of a $6.5 million financing package for a Haverhill expansion project for Cedar's Mediterranean Foods Inc.

Cedar's expects to add 41 new jobs when the project is completed, MassDevelopment said.

The specialty food manufacturer of such products as hummus and Greek-strained yogurt dips plans to use the proceeds from a tax-exempt bond to expand and automate operations at its Haverhill manufacturing facility, MassDevelopment said.

Cedar's expansion demonstrates that manufacturers can succeed and add jobs in Massachusetts with the help of low-cost financing solutions, MassDevelopment said.

During fiscal 2007, MassDevelopment said it financed or managed 211 projects statewide representing the investment of more than $2 billion in the Massachusetts economy.
(By Chris Reidy, Globe staff)