(Spencer)– A Spencer company is expanding its operations.
Chad Shryock of the Iowa Great Lakes Corridor of Opportunity announced today (Thurs.) Freudenberg N-O-K will be installing some additional equipment and putting in some infrastructure improvements to its existing facility…resulting in an additional 15 jobs.
Shryock says Freudenberg has grown consistently since the company bought out Verco Seals in Spencer and started up operations there about three years ago. About 50 people worked at the location at the time. That number has since grown to about 124 in the production facility with about 25 more in its distribution facility.
The company expects to grow even more in future years, with hopes to expand its sales by one and-a-half billion dollars by 2005. Freudenberg N-O-K currently has annual sales of about seven and-a-half billion dollars with worldwide automotive sales in excess of four billion…ranking the company among the world’s top 25 automotive original equipment suppliers.
