CUBA, Mo.—The Missouri Department of Economic Development joined company leaders of Meramec Electrical Products Co., at a grand opening ceremony to celebrate the completion of the company’s expanded facility located at 1 Industrial Drive, Cuba, Mo. The expansion project includes the creation of 84 new jobs and a $10.6 million capital investment.
“The energy sector continues to be an industry poised for growth and next-generation high-tech job creation,” said Mike Downing, director of the Missouri Department of Economic Development. “Supporting growing companies like Meramec Electrical Products compliments our state’s Strategic Initiative for Economic Growth, moves Missouri’s economy forward and strengthens our country’s energy production and independence.”
Founded in 1969 in Cuba, Mo., Meramec Electrical Products is a global leader in providing current transformers to the electrical power industry’s original equipment manufacturers and utility services. The Cuba facility, the company’s only manufacturing plant in the world, engineers, produces, and sells high-quality instrument current transformers both locally and internationally. With customers in Israel, Canada, Mexico, U.K., Japan, and China, Meramec Electrical Products holds the distinction of being the largest bushing current transformer manufacturer in the Western Hemisphere.
“The success of our business is in no small part the result of the efforts of our family and the great people we’ve been fortunate enough to have at Meramec over the years,” said President/CEO Nick Sanazaro. “The collective talent, skills, knowledge, and expertise of our employees throughout the organization drive our achievements in the industry today and will continue to in the future.”
Meramec Electrical Products’ new 85,000 sq. ft. state-of-the-art facility will allow the company to increase capacity and efficiency as well as accommodate additional product lines. Today’s event celebrates the culmination of two expansion projects announced in recent years. In 2010, the company announced plans to add 15,000 sq. ft. to its facility to begin work on a news series of instrument transformers targeting wind farms, smart grid technologies, and power generation. That expansion brought 37 new jobs to the facility. In 2013, the company announced new production lines at the Cuba facility, creating an additional 47 new jobs.Meramec Electrical Products currently employs 170 people.
In 2010, the Governor’s Strategic Initiative for Economic Growth identified “Energy Solutions” as one of seven target industries with the highest potential for creating jobs and spurring economic growth. Last year, in recognition of energy’s unique and growing importance to the state’s economy, Gov. Nixon issued an executive order realigning the Division of Energy from the Department of Natural Resources to the Department of Economic Development, which the General Assembly approved. This spring, Gov. Nixon announced that the Division of Energy will lead a statewide initiative to develop a comprehensive energy plan for the state that will chart a course towards a more sustainable and prosperous energy future. The division has held several meetings to gather public input on several issues surrounding energy. To see a full list of the upcoming meetings, visit http://energy.mo.gov/energy/about/comprehensive-state-energy-plan.
To assist Meramec Electrical Products with its expansion in Cuba, the department has offered a strategic economic incentive package that the company will continue to receive as it meets strict job creation and investment criteria.