Freund-Vector Corporation Will Construct New Technology Center at Marion Enterprise Center
Jan 19, 2018
On Friday, January 19, the Iowa Economic Development Authority (IEDA) announced Freund-Vector Corporation will receive state incentives via the High Quality Jobs Program for an expansion project in Marion. The company will construct a new Technology Center that will improve their laboratory capabilities and increase research and development activity.
Freund-Vector Corporation 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 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 company is located at 675 44th Street in Marion. Manufacturing and corporate office functions are proposed to remain at the current 44th Street location.
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.
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 Cedar Rapids Metro Economic Alliance partnered with Marion Economic Development Corporation (MEDCO) in preparing an application to the State of Iowa’s High Quality Jobs Program. More information about Freund-Vector Corporation can be found at www.freund-vector.com.