Dexter group buys area for industrial use

Business Today

DEXTER -- A cooperative venture between Dexter's banks, Chamber of Commerce and city government will take an empty industrial site and make it a bustling work place once again.

The seven financial institutions in Dexter have joined forces to participate in a loan to the Dexter Chamber of Commerce Development Inc. for the purchase of the Paramount Cap building at 515 W. Market St.

Chamber executive director Janet Coleman said the organization will convert the manufacturing plant into a manufacturing, industrial and incubator facility.

Two new industries will be operational in the plant in the next few weeks, Coleman said.

Media Press and Venture Products Inc. will be the first tenants of the new industrial site.

Media Press has a plant in Sikeston and was once located in Dexter. Venture Products will be bringing its headwear manufacturing operation to Dexter.

Coleman said these two manufacturers will be the anchor industries in permanent residence at the new industrial plant.

"Media Press usually employs around 50 people," Coleman said.

With some employees moving with the company from Sikeston, Coleman estimates about 15 new jobs will be created in Dexter by the move.

"They have seasonal work and at times they work a lot more," she said, adding that the company is busy eight months of the year.

Venture Products has a cap operation in Oran.

"Their goal is to divide their operation between the northern part of the county and the southern part of the county," Coleman said. "They know there is a lot of experienced work force in this area for the type of operation they have."

A second phase of the project will include creating incubator space for potential employers with spaces for up to five small start-up manufacturers and industries in the former hat manufacturing plant. In addition, there will be a conference room that will be available in the facility for the chamber's offices.

The financial institutions participating in the joint venture are The Bank of Advance, Firstar, First Commercial Bank, First Midwest Bank, First National Bank, Southern Missouri Bank & Trust, and Union Planters.