ArvinMeritor receives appreciation for expansion

Saturday, May 15, 2004

Will create 250 jobs

Business Today

DEXTER -- ArvinMeritor, which produces light vehicle exhaust systems, recently received a certificate of appreciation from USDA Rural Development. The certificate represents Rural Development's Guaranteed Business and Industry Loan, which will be used for the purchase of the former Purolator building that will be remodeled to fit the needs of ArvinMeritor.

The Dexter Chamber of Commerce Development obtained a loan from area banks that is guaranteed by USDA Rural Development. First Commercial Bank was the lead bank with the following participants: First Midwest Bank, First National Bank, US Bank, Union Planters Bank, Southern Missouri Bank and First State Bank and Trust.

The Stoddard County IDA participated in this development by granting funds to the Dexter Chamber of Commerce Development for the remodeling and maintenance of the building.

"First Commercial Bank recognized how the downsizing of ArvinMeritor would affect our community. We felt it was our duty to service our community and to keep these jobs here in Dexter. I personally went to the other banks in our area and asked them to join this community project," said Norman Harty of First Commercial Bank.

"The purchase and remodeling of the manufacturing building will allow for the expansion of ArvinMeritor's facility in Dexter," said Brett Dorton, Chamber vice president. "This project will create over 250 new jobs, and help retain 185 existing jobs that are crucial for our local economy. The project is a great step forward for the city of Dexter, and Stoddard County as a whole."

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