Holland said that the terms of the deal were finalized last Friday, with a lease of the property, owned by the Cadiz/Trigg County Economic Development Commission signed Monday.
“In an extremely tough economy, this is the best possible news for Benson, our employees and Wabash as well. On a scale of one to 10, this is a 50,” said Holland.
Holland described Wabash as a major manufacturing corporation with sales worldwide. “This will be a stable presence in Cadiz for years to come, and they wouldn’t be here without the Benson plant’s technology and workforce.”
“With the size of Wabash, they will help create a better and more competitive purchasing environment for our products. They have an extensive engineering support department. International Industries (Benson’s parent company) was primarily a coal company, so Benson wasn’t in their long term plans. This acquisition is a major part of Wabash’s long term plan,” said Holland.
Holland said that he was not prepared to discuss the plan’s sale price or terms of transfer between the EDC, Benson and Wabash, though said that the new owner mandated the inclusion of the existing workforce and management team.
He said that some personnel would undergo a second interview, though anticipated most, if not all workers and supervisors retaining their employment at the factory.
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