Iowa Plant That Had Been Awarded State Loan Closes
by Associated Press
May 14, 2013 8:04 AM
A northwest Iowa plant that had been awarded a state expansion loan has closed down.
Simonsen Iron Works couldn't pay its 32 workers last week, but company President Aaron Schulz says he's trying to sell Simonsen to another company that could bring work into the Spencer plant.
Simonsen's parent company, ATC Venture Group, had agreed to buy Sioux Falls, S.D.-based KW Manufacturing Group and move some of KW's work to Spencer. Schulz says he's uncertain about what will happen to the deal with KW.
Schulz also says the state's $200,000 loan money hasn't arrived yet. The state approved the loan to help Simonsen expand its Spencer plant and create nine new jobs.