Liberty Steel & Wire Could Relocate its US Headquarters to Peoria from Texas
Liberty officials approached the county’s loan review committee on July 8.
SEATTLE (Scrap Monster): Officials at Liberty Steel & Wire Co. plan to expand operations in Bartonville and move their corporate headquarters to the Peoria area, but only if enough state money comes through, they told Peoria County Board members Tuesday.
The company is currently applying for a $25 million grant from the Illinois Department of Commerce and Economic Opportunity that would complement existing tax credits and some private funds.
In return, the Dallas-based company would invest about $70 million — maybe more — within the state, relocate its corporate headquarters here and have at least 700 full-time employees.
The company also wants a $2.65 million loan from the county’s economic development loan program. The board could consider that at its Aug. 14 meeting. A timetable for approval of the state grant wasn’t immediately known.
Officials said that money will go to upgrade the Bartonville facility. In total, the company said, if the deal goes through, the company would invest $65 million within the state.
The news, discussed at the board’s executive committee meeting on Tuesday, comes about seven months after the company said it had to furlough 500 workers “after evaluating current steel market challenges, including the influx of low-priced imports.”
For more than an hour, Chris Coulter, an environmental consultant for Liberty, and Mark Brachbill, Liberty’s vice president for finance, offered a snapshot into the company’s past, present and anticipated future if the money were to come through.
Ironically, the $2.65 million loan they are seeking from the county is named for Liberty’s predecessor, Keystone Steel & Wire.
While operating as Keystone, the facility was given a $10 million state loan in 2002 to help it survive. The company paid that back to Peoria County, which created the so-called “Keystone fund.” County officials use it for economic development.
Liberty officials approached the county’s loan review committee on July 8.
“It’s come full circle,” said County Board Chairman Jimmy Dillon. “It’s a significant investment in the Bartonville facility. The state is on board with this and we are just one part of this.”
That loan would help cover the costs of some capital investment as well as increase employment within the county, officials have said.
As of July 1, the company employs 650 people within the area. They hope to boost that to more than 900 by the end of 2028, according to their projections.
Courtesy: www.centralillinoisproud.com