A group of investors bought Sivyer Steel (Bettendorf, Iowa) out of bankruptcy.
According to local reports, the group bought Sivyer for $6.5 million in July. Sivyer will continue to operate under a new name, Sivyer Steel Castings LLC, and the 325,000 sq. ft. facility will be renovated and updated.
“As for Sivyer Steel, with an annual payroll of $11 million and local vendor payments totaling an additional $11 million, the positive economic impact of this company on the Quad-Cities region is enormous,” Scott Tinsman, a representative of the investment group, said according to the Quad-City Times. “I am very pleased to report we have weathered the storm and the best days of Sivyer Steel are ahead of us.”
Sivyer entered bankruptcy in March.
The Quad-City Times reported that Sivyer employs over 240 people and is looking to add more.
“We have a big factory and we need to retool,” he said. “We’re putting quite a few dollars and hours into putting the plant back on its feet in a cost-effective manner and increasing capacity. We’re probably at one-third capacity right now.”