SPENCER, Iowa -- A Fort Wayne, Indiana-based firm has acquired the building that houses Spencer's Eaton hydraulics plant, which is scheduled to shut down at the end of June.
Western Iowa Associates LLC paid $2.55 million for the property, which includes 330,000 square feet of space and about 63 acres just outside of Spencer's western city limits.
Tiffany Wilkin, manager of Western Iowa Associates said Tuesday, “The company will probably not make any announcements until Eaton vacates the plant at the end of the month.”
Eaton spokesperson, Camie Melton-Hanily said last week seven Eaton employees remain at the plant, which was once Spencer's largest employer. At its peak, the workforce approached 800 people.
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Hydraulic pumps and motors for use in mobile and industrial hydraulic applications have been manufactured in the Spencer plant since 1974.
Nearly two years ago, Eaton Corp. announced more than 180 layoffs leading to the closure of the plant, as part of a series of restructuring and cost-reduction moves.
Central Bank in Dakota Dunes holds a $2,040,000 mortgage on the Spencer property, according to court records.
Eaton, which has its roots in Cleveland, is now headquartered in Dublin, Ireland. The power management company reported annual sales of nearly $20 billion.