(Spencer)– The Iowa Economic Development Board today (Thurs.) will consider a low-interest loan that would pave the way for a major expansion of a Spencer company.
Simonsen Iron Works, a metal fabrication company, plans to expand its Spencer plant to the tune of $940,000.
The company plans to buy South Dakota-based KW Manufacturing and move its skid-steer attachments production to Spencer. The Spencer plant currently manufactures recreational and farm products for companies like John Deere and Harley-Davidson.
The company seeks a $200,000 low-interest loan from the board for the project.
Officials with Simonsen say the acquisition of KW Manufacturing gives it access to a new market that could bring two or three more acquisitions of similar size over the next three years. They say the project will support 41 jobs paying about $37,000 annually.
