Helping to strengthen steel and metal companies
Owen Industries, a Wells Fargo Capital Finance customer since October 2002, is a metals service center, custom manufacturer, and structural fabrication company with four divisions located in Iowa and North Dakota. They are one of the leading steel processors in North America, supplying the OEM and construction markets, including niches in general line steel distribution, laser processing, nuclear and industrial fabrication, and bridge work.
The company’s metals center and fabrication operations had outgrown its facility in Carter Lake, IA, and over the last decade, had experienced a series of costly flood events. After a particularly damaging flood in 2011, the company began looking for a new facility for its metals service center.
After much consideration, Owen Industries decided to build a new facility on higher ground in Carter Lake adjacent to the existing facility. So, the company turned to Wells Fargo. As a result, Wells Fargo Capital Finance, along with our partners, pulled together a full service financing strategy that included a working capital facility, construction real estate loans, interest rate swaps, and funding for equipment needed for the new facility.
Wells Fargo stepped up to the plate when no one else would.-Bob Owen, CEO and chairman of the board