NDDF Helps Finance Expansion of TSR Parts
Posted on August 16, 2001
BISMARCK, ND - TSR Parts Company, Colgate, received a $50,000 investment from the North Dakota Development Fund (NDDF) in addition to private bank financing that will enable the company to expand its straw chopper business. TSR Parts custom fabricates more than 50 different replacement parts for major agriculture equipment manufacturers.
�It�s always affirming to see expansion in companies like TSR Parts because it illustrates stability in our agriculture industry," said Gov. John Hoeven. �We need to do all we can to support this valuable industry that is such an integral part of our state�s heritage.�
The NDDF, a financing body within the state�s Economic Development & Finance Division (ED&F;), invests in North Dakota businesses like TSR Parts in order to ensure economic growth for the state.
�TSR has shown steady sales growth over the past several years,� said Linda Butts, director of ED&F.; �Many factors, including effective management, quality products and a unique niche in a growing market, have positioned this company for expansion.�
Tom Erickson started TSR Parts in 1975. The metal fabrication shop has found a niche in the agriculture market. Since 1992, the company has made replacement parts for major manufacturing companies. Around the same time, company management pinpointed a specific need for replacement straw choppers for Case and John Deere combines.
�The extra working capital this investment represents will allow us to create new ventures and take advantage of opportunities that arise,� Erickson said.
ED&F; provides guidance, quality products and services that create and sustain local economic growth and diversity for communities across North Dakota. For more information about ED&F; or the NDDF, visit the web site at www.growingnd.com.
Contact: Linda Butts, ED&F; Director, 701-328-5300
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