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Moberly Area Economic Development Corporation today announced that Finspeed, LLC producers of high performance racing parts will establish its manufacturing operation in Moberly. The company will co-locate in an existing facility at 715 Sturgeon Street in Moberly. The project will include a capital investment of $1 million and will create 20 new full-time local jobs over the next several years.
“We are excited to welcome Finspeed to Moberly,” said Mayor Bob Riley. Riley went on to say, “As you know, Moberly has a strong tradition of home grown entrepreneurs who have built very successful enterprises doing business all around the world and we have that same expectation for Finspeed.”
MAEDC Board Chairman Jerry Jeffrey said, “The project was a collaborative effort with several organizations including the City of Moberly, the Missouri Department of Economic Development, local developer Jim Roberts, the Missouri Small Business & Technology Development Center (SBTDC) office located at the Moberly Area Community College Entrepreneurship and Business Development Center, Mark Twain Regional Council of Governments and Commerce Bank. These partnerships are critical to the success of our economic development efforts in the MAEDC Region.”
Danny Lobina, Director of the SBTDC Program located at MACC added, “This project will have a positive economic impact on the economy in the Moberly area and is another example of the private and public sectors working together to promote investment and new job growth in the area.” Lobina went on to say, “With the partnerships we have in place we are able to provide companies with the necessary resources to bring their project from the idea stage to market.”
Founded in 2009 Finspeed has been performing market research and product development tasks as well as operating a very successful internet based sales business. The company has taken its initial ideas from prototype to testing and now into final development. Over the past two years, Finspeed has been outsourcing the production of the products it sells and according to MAEDC President Corey Mehaffy the next step in the company’s evolution is to self-perform the manufacturing function. Mehaffy added, “By bringing the manufacturing operations in house, the company can grow their operations in a more efficient manner. This allows the company to have more control over its growth, to ensure they can meet the growing demand for their products in a timely manner and to increase its profit margins.” For more information on Finspeed visit their website at http://www.finspeed.com.