Wellman Dynamics completes the purchase of additional property
AFS Corporate Member Wellman Dynamics (Creston, Iowa) has purchased the former Ferrara Candy Company property at 500 Industrial Parkway in Creston. The property includes 315,000 sq. ft. of manufacturing, office, and warehouse space, along with approximately 20 acres of land. The facility will be repurposed for an expansion of Wellman's existing foundry operations a block away.
“The purchase of this facility is part of the Company’s matching investment and an integral part of the Department of Defense’s Defense Production Act (DPA) Title III grant awarded to Wellman in late 2019," said Kandi Yrigoyen, director of sales and marketing at Wellman. "Our plans include expanding existing operations and separating our aluminum and magnesium casting operations to provide much needed capacity to support our growth."
Work on the existing plant begin in January and will continue over the course of the next 12 months prior to the delivery of about $24 million in new equipment. Initial production at the new facility will include castings manufactured by Wellman for the CH-53K King Stallion heavy lift helicopter for the U.S. Marine Corps.
“This transaction is great news for the Company and the City of Creston. This purchase takes advantage of an idle property in the town and restores it to an active manufacturing facility,” Yrigoyen said. “Once completed, the new facility will be one of the most modern sand casting production facilities in the United States. Plans for production in the facility are targeted for 2022.”
Wellman Dynamics currently employs approximately 400 people in its 225,000 square foot manufacturing facility.