Plank Enterprises Awarded Loan from City
Posted: August 23, 2012
Plank Enterprises, a holding company consisting of four firms that primarily manufacture and distribute products to the industrial and commercial market worldwide, received a $22,000 forgivable loan with the promise to create at least 22 jobs at their Eau Claire location in the next three years. The Eau Claire City Council agreed in a 10-0 vote to provide the loan as long as Plank Industries reaches its goal of 22 new jobs at an average wage of $21.50 plus benefits.
Plank Enterprises will create a mix of industrial work and management positions, and if the jobs are not created within the three year period, the city loan must be repaid plus interest.
Plank Enterprises plans to spend around $900,000 on the new equipment for its manufacturing plant. Formerly located in Banbury Place in Eau Claire, Plank Enterprises relocated to their current facility at 4404 Anderson Drive in 2008, increasing from 70,000 to 125,000 square feet.