Westminster’s Ranor Inc., a manufacturer that fabricates and machines large metal components, has been given $6.2 million in tax-exempt bonds from MassDevelopment that will allow the company to purchase the building it has been housed in since 1975.

The building is located at 1 Bella Drive in Westminster, and Ranor also plans to add 19,500 square feet of manufacturing space with the funding, according to a statement. Ranor expects the project to add 20 jobs to its staff of 140.

"Ranor can expand both facilities and resources through this low-cost financing," said MassDevelopment President and CEO Robert L. Culver. "By purchasing its current building, the company can devote funds to other components of its business."

"Ranor’s continued success requires ongoing investment in facilities and manufacturing equipment," said Ranor CEO Stan Youtt. "The tax-exempt bonds issued by MassDevelopment have provided the low-cost financing needed to accomplish this. We expect that the current expansion will enable us to continue to grow and expand our employment at this facility."

Sovereign Bank purchased the bonds.