Concordia Mfg. plans $1.6M R.I. expansion

PROVIDENCE – The R.I. Economic Development Corporation announced today that Concordia Manufacturing LLC will be expanding into Warwick with the help of $500,000 in financing from the state’s Small Business Loan Fund.
“Access to these funds will play an integral role in our company’s expansion efforts into the biomedical space,” said Randal W. “Randy” Spencer, Concordia’s president and CEO.
The textile manufacturer intends to lease a 24,575-square-foot facility at 60 Commerce Drive in Warwick for medical manufacturing use, but will retain its headquarters in Coventry. “It is extremely important for us to keep our competitive edge,” Spencer said, “and this expansion will allow us to increase our capacity for research and development, along with medical manufacturing, to meet the needs of our clients.”
The $1.6 million expansion also will allow Concordia to add 10 to 15 new employees within the next two years to its current work force of 57, the company said.
“High-wage job growth and increasing the average wage for all Rhode Islanders continue to be a core focus of RIEDC,” noted Saul Kaplan, executive director of state economic development. “Providing access to capital for innovative companies like Concordia, which are poised for near-term growth, is an essential part of our state’s economic growth strategy.”
The 88-year-old textile firm’s expansion into the technical and biomedical arenas “serves as a national model within the manufacturing industry,” Kaplan said. “This company has embraced innovation, and their products in the biomedical field have added value to researchers and distributors of medical devices.”
In August, the company closed on a $1.5 million round of venture financing, including $250,000 from the Slater Technology Fund, to support the continued expansion of its biomedical division. The effort dates back to 2003, when Concordia “undertook a concerted effort to reposition itself as a developer and supplier of engineered fibers for biomedical markets,” the Slater Fund noted in announcing the funding. (READ MORE) Two years later, Concordia Medical launched its “Biofelt,” a nonwoven implantable fabric that can serve as a bioresorbable scaffold for tissue repair, cell seeding and 510(k)-based medical implant applications.

Concordia Mfg. LLC is the parent of Concordia Fibers, a developer and manufacturer of engineered yarns and fibers for technical and medical uses, and Concordia Medical, a biotechnology firm focusing on medical uses for bioabsorbable fibers. Concordia Medical is ISO-certified for medical device design and manufacturing. To learn more, visit www.ConcordiaMedical.com or www.ConcordiaFibers.com.

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