MT. VERNON - A growing coal mining equipment manufacturer is investing more than $13 million in the next four years to expand its Mount Vernon facility.
Magnum Steel Works, Inc. plans to nearly quadruple in size, creating and retaining 52 jobs over two years via the company's initial $4 million investment. Officials said they will invest an additional $9 million over the following three years, for a total expansion that is expected to create and retain more than 150 jobs.
Magnum Steel Works will increase the size of its facility from 33,000 square feet to 128,000 square feet, allowing it to meet the market demands of the coal industry in Illinois, Indiana, and Kentucky. The company anticipates that sales will increase by 20 percent within two years.
"We are excited to continue to expand and grow our business in southern Illinois, where we've found a talented pool of workers and an ideal location to meet our market demands," said Jim Czerwinski, president and CEO of Magnum Steel Works, Inc. "I'd like to thank the state and our local partners for helping us enter into the next phase of our business."
Illinois' Department of Commerce and Economic Opportunity will provide the company with a tax credit, based on job creation and job training grants. The state's business investment package is valued at approximately $540,000 over 10 years and is contingent on the company meeting its investment and job numbers.
Since business began in 2005, Magnum Steel Works has grown from five employees to 40. The company specializes in fabrication, machining, mig welding, waterjet cutting and rebuild services of coal mining equipment and also works with Continental Tire on all equipment repair work.
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