For Immediate Release - October 19, 2010

Patrick-Murray Administration Announces Funding to Help Iredale Mineral Cosmetics Expand

Expansion will add 50 new jobs, create new headquarters

GREAT BARRINGTON - Tuesday, October 19, 2010 - As part of the Patrick-Murray Administration's continued support for job creation and economic growth, Administration and Finance Secretary Jay Gonzalez today awarded Iredale Mineral Cosmetics a $4.6 million Recovery Zone Facility Bond that will allow this large private employer to expand its operations and hire 50 new workers over the next two to three years.

Proceeds from the bonds issued by MassDevelopment on behalf of Iredale Mineral Cosmetics will allow the company to purchase, renovate, and furnish the former Bryant Elementary School in Great Barrington. The 17,700-square-foot building, which is part of the Searles Middle School/Bryant Elementary School complex redevelopment, will serve as Iredale's new headquarters.

"Governor Patrick is committed to helping companies like Iredale grow and succeed," said Secretary Gonzalez. "Job creation is fundamental to restoring our economy, and we're proud to support this company's ambitious expansion plans. This project is a win-win for the company, the residents of Great Barrington and the Commonwealth."

Iredale is relocating some its out-of-state operations to Massachusetts and hiring new staff in order to prepare for growth. The company now employs 159 people, has added a net 25 new employees this year and expects to add 50 more full-time employees in the next 2-3 years.

"Iredale Cosmetics and the Patrick-Murray Administration share a commitment to investing in western Massachusetts and growing jobs in the Berkshires," said State Senator Benjamin B. Downing (D- Pittsfield). "I am pleased this award was granted, thrilled to see the expansion get underway, and look forward to working with the Administration to grow jobs throughout western Massachusetts."

"In these tough economic times, this is an ideal investment that will allow a successful global company the resources it needs to expand right here in Southern Berkshire County," said Representative Smitty Pignatelli (D-Lenox). I applaud ANF/HED for giving Iredale Cosmetics that chance."

Iredale Mineral Cosmetics has led the way in supplying the aesthetics industry with a full makeup line based on minerals and recognizing potential in offering cosmetics that was good for the skin. Jane Iredale has worked with world-renowned plastic surgeons and dermatologists to develop the product line, and she has lectured all over the world on the benefits of mineral-based cosmetics for women.

"It has taken over three years to acquire the Bryant School, the geographic center of our business. This historic site, once renovated, will enable us to expand in Great Barrington with the aid of the Recovery Zone Bond," said Jane Iredale, president of Iredale Mineral Cosmetics, Ltd.

Announced by the Administration in October 2009 and authorized by the American Recovery and Reinvestment Act (ARRA), the Recovery Zone Bonds support public and private development efforts by offering favorable borrowing rates for projects within designated "Recovery Zones" that the Administration has identified as existing state Economic Target areas.

"Recovery Zone Bonds enable the Commonwealth's businesses to move forward with construction projects and put people back to work," said MassDevelopment President and CEO Robert L. Culver. "Iredale's renovation of the former elementary Bryant Elementary building - a priority for Great Barrington - will reuse a historic building and create jobs in an Economic Target Area."

The Executive Office of Housing and Economic Development and the Executive Office for Administration and Finance allocate the bonds to eligible applicants. MassDevelopment issues Recovery Zone Facilities Bonds, which are purchased by private investors.

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