PERRY COUNTY GETS BUSINESS BOOST

PERRYVILLE -- Although it's become a national trend for corporations to downsize, Perry County industries are expanding.

Through a state program that gives local businesses credit at reduced interest rates for expansion, two local industries will add about 230 jobs in the county.

The companies, TG (USA) Corp. and Altenburg Hardwoods Lumber Co., will get combined financing of almost $6 million from the state.

Bob Holden, state treasurer, visited Perryville Tuesday to announce the expansion program.

"It's quite an accomplishment to have $6 million in new economic development in the area," Holden said. "It's a tremendous benefit of the partnership between the public and private sector."

The money was awarded to the companies through the Missouri First Linked Deposit Program for Job Creation. Under the program, the state treasurer's office deposits state funds at below-market rates in Missouri banks, which then make low-interest rate loans to local businesses.

Mercantile Bank of St. Louis and Boatmen's National Bank of Cape Girardeau are financing the projects in Perry County.

TG (USA) Corp. received $5 million to fund the 125,000-square-foot expansion of their plant along Highway 51 northeast of Perryville. The company hopes to move into the building by the first of the year.

TG (USA) Corp. manufactures automotive parts like air bag assemblies, steering wheel assemblies and plastic interior and exterior parts.

Currently, 650 people are employed there. The company is owned by Toyoda Gosei Co. and Mitsui & Co. Ltd. of Japan.

The linked deposit program provided $990,000 to Altenburg Hardwoods Lumber Co. to retain workers. Timber Export Products, which previously operated the sawmill, filed bankruptcy.

In October, Dean Calhoun of Coldwater Veneer created Altenburg Hardwoods Lumber Co. to acquire the sawmill and kiln services from the Germany-based owners.

Altenburg Hardwoods Lumber Co. manufactures sap-free and defect-free white oak lumber. The majority of its customers are in Europe.