St. Louis-based INDEECO has announced it will double the workforce and physical space at its Monroe City, MO, facility but close its two plants in Boonville, MO, and Meadville, PA. The expansion project will add 87 jobs to the facility's current workforce of 86 people and 30,000 square feet of manufacturing space, according to INDEECO spokeswoman Ann Marie Mayuga.
Established in 1929, INDEECO designs and manufactures a complete line of heating equipment, including space heaters, industrial component heaters and electronic controls for markets in North America and abroad.
Mayuga said the consolidation project equates to a net gain of 20 company jobs in Missouri. The company's Boonville and Meadville plants are expected to shutter by October.
CEO John Eulich explained that when INDEECO reviewed all its facilities, "we decided to consolidate into the Monroe City location because the company already owned the building and has a substantial amount of property available for future expansion."
City officials offered INDEECO an incentive package with a $300-a-year utility credit for each full-time job (with benefits) the company creates/retains. INDEECO will save over $26,000 a year, for three years, if it retains all 87 jobs. That credit is on top of a property tax abatement on new expansions (up to 10 years) the company received associated with an Enhanced Enterprise Zone.