Lincoln Industries is continuing its recent growth spurt with the acquisition of its next-door neighbor, SourceOne.
It marks the third acquisition in as many years by Lincoln Industries, which calls itself the nation's leading provider of manufactured finished products.
SourceOne, a custom manufacturer with industrial clients throughout the region, was founded in 1974 by Nick Cusick and Elmer Wessell. Wessell purchased the company in 2014.
All 70 people at SourceOne will be retained, and the company will continue to operate under its own name, Lincoln Industries CEO and Chairman Marc LeBaron said in a news release.
“Lincoln Industries is an outstanding company and has established itself as a leader within its industry,” Wessel said. “One of my biggest concerns with the acquisition was the well-being of our people at SourceOne. Knowing Lincoln Industries has acquired our company totally eliminates any of those concerns.”
You have free articles remaining.
Both companies are located in the industrial area just southeast of Rosa Parks Way and South Folsom Street.
Now in its 66th year, Lincoln Industries has seen significant growth in the past year, especially while serving the heavy-duty truck market. The company has added 50 jobs in Lincoln and plans to hire 50 more this year.
It has also added more than 30 new people to its Pine Island, Minnesota, facility this year after buying the plant from DS Manufacturing in April 2015. And this May, Lincoln Industries acquired Southwest Metal Finishing, based in New Berlin, Wisconsin, and its operations in Texas and Mexico.
“While we provide more than 40 finishing processes, and significant manufacturing capabilities, the ability to fabricate products and the integrated cosmetic and high temperature powder coating capabilities are important additions to our offerings,” LeBaron said.