Marion, IA – Freund-Vector Corporation is evaluating the opportunity to construct a new Technology Center that would improve their laboratory capabilities and increase research and development activity. The company designs, manufactures and services a wide range of equipment for the processing of powders, particles, tablets, and other solid materials to the pharmaceutical, nutritional, food, and other industries. The proposed project includes the construction of a new 17,000 square foot facility at the Marion Enterprise Center with capital investment estimated at $6.5 million. The expansion project is contingent upon regulatory approval and governmental approval of tax-based financial assistance. The company is located at 675 44th Street in Marion. Manufacturing and corporate office functions are proposed to remain at the current 44th Street location.
The Marion City Council will consider approval and support of an application to the Iowa Economic Development Authority’s High Quality Jobs program at its January 18th meeting.
Freund-Vector’s unique in-house laboratory facility specializes in product feasibility, process development and process technology to support the marketing of all Freund-Vector product lines. The lab is regularly utilized by global customers testing the development of new products using Freund-Vector’s proprietary equipment. Freund-Vector Corporation exports much of its manufactured equipment from the United States to all over the world. Currently more than 60% of sales are to international customers.
“We are so appreciative of the support we have received from our employees and the local community for the past 45 years, says Masaaki Kubota, President & COO of Freund-Vector Corporation. “We look forward to expanding our presence in Marion and strengthening our presence as a global manufacturing leader.”
The company was founded as Vector Corporation in 1972. In 1997, Japan based Freund Corporation purchased controlling interest of the company, solidifying its long-term commitment to continued development of innovative processing equipment and new solutions for the pharmaceutical and nutritional markets.
“Freund-Vector is a worldwide leader and innovator attracting customers all around the world to our community every week,” says MEDCO President Nick Glew. “We’re proud to partner with yet another Marion company to support investment that showcases our community to the global marketplace.”
The Marion Enterprise Center is a shovel ready office and industrial park located along highway 151 on the east side of the community. It is the most active office/industrial park within the Iowa Economic Development Authority’s portfolio of certified sites. It is owned by MEDCO Holding Company, a subsidiary of Marion Economic Development Corporation.
Pending approval of the state application, the anticipated construction could begin this spring. The expansion is expected to create a minimum of five high quality jobs over the next three years. Freund-Vector Corporation currently has 118 employees in Marion.
The Marion Economic Development Corporation (MEDCO) partnered with the Cedar Rapids Metro Economic Alliance in preparing an application to the State of Iowa’s High Quality Jobs Program. The request will be considered by the Iowa Economic Development Authority Board at its January 19th meeting.
More information about Freund-Vector Corporation can be found at www.freund-vector.com.