ROCKLAND, Mass. - January 21, 2020 - Rockland Trust announced it provided a $4.0 million revolving line of credit through its Asset Based Lending team to Simonds Saw, a leading manufacturer of high-quality industrial blades and files for cutting and shaping metal. The financing was used to refinance existing debt and will provide ongoing working capital support for the company’s growth. Committed to ongoing research and development, Simonds Saw invented the metal cutting Carbide Tipped band saw blade in 1963.
“Simonds has a long history of innovation and a reputation for producing top quality products,” said Daniel J. Landers, Senior Vice President and Executive in charge of Asset Based Lending at Rockland Trust. “We’re thrilled to support their continued growth and look forward to helping them prosper in the future.”
“Rockland Trust has a strong understanding of industrial products manufacturing and is a great fit for our growth strategy.” said David J. Miles, President of Simonds Saw. “They are much more involved than a typical bank and have a deep bench of experienced professionals. We are excited to work with them.”
Established in 1832, Simonds Saw is a leading manufacturer of high-quality metal cutting saw and file products and has been in business longer than any other cutting tool company in North America. Simonds Saw offers one of the broadest and most trusted lines of metal cutting band saw blades found anywhere in the world, engineered to suit almost any application. Simonds is headquartered in Fitchburg, MA and it’s products are made to the most stringent quality standards by the company’s U.S. operation in Louisville, KY and in Europe by WESPA®, Simonds’ Saw band saw blade technology division located in Melsungen, Germany. Both factories operate under a single quality system that is ISO 9001 Certified. Simonds Saw is the only band saw blade manufacturer with multi-facility ISO certification in the U.S. and Germany.