From Home Furnishing Business
Flexsteel Gets Tentative Deal to Build New Iowa Factory
Upholstery and case good resource Flexsteel Inds. (NASDAQ: FLXS) said it has reached tentative agreements with the city of Dubuque, Iowa, and Dubuque County on an incentive package that will allow the company to replace its factory in Dubuque.
Under terms of the agreements, Flexsteel would purchase land from Dubuque County for $1.3 million and build a $25 million factory on the site.
In addition, the company said it will work with a redevelopment group to demolish the existing factory and prepare the site for light industrial use.
The agreements must still be approved by the Dubuque City Council and the Board of Supervisors of Dubuque County. The company said the projects are contingent upon approval of development assistance, which typically includes tax benefits, training assistance and redevelopment assistance.
Flexsteel has been based in Dubuque since the 1930s, and moved into a new corporate headquarters there in 2012. Its existing Dubuque factory encompasses more than 700,000 square feet.