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South Bend Redevelopment Commission <br />Ask Regular Meeting - December 15, 1995 <br />6. NEW BUSINFSS (Cont.) <br />C. continued... <br />Mr. Beitzinger read the staff report <br />on the project. Lock Joint Tube Inc. <br />is a manufacturer of high quality <br />welded steel tubing. Their project <br />calls for the purchase and installation <br />of a mill for the manufacture of <br />electric welded steel tubing. The <br />mill will be the seventh mill Lock <br />Joint currently operates and would be <br />used to produce large diameter tube. <br />Due to operations flow, the mill will <br />be located at the Walnut Street <br />address in space currently used for <br />warehousing. The new mill will <br />allow Lock Joint to better service its <br />current customers and to enter new <br />markets, especially the store fixture, <br />exercise equipment and truck exhaust <br />markets. The total projected cost of <br />the equipment is approximately $2.5 <br />million. <br />Lock Joint Thbe, whose underlying <br />business was acquired out of Chapter <br />11 Bankruptcy in 1991, is enjoying <br />growth in volume and employment. <br />Since bankruptcy, employment has <br />grown from 154 to its current level <br />of 245. To meet current demand and <br />maintain its competitive position, this <br />project needs to be completed. Lock <br />Joint's two primary competitors are <br />modernizing their operations and are <br />aggressively pursuing many of Lock <br />-10- <br />