Acquisition means relocation to Fort Wayne, additional jobs
Fort Wayne, Ind. (July 31, 2008)—Electric Vehicles, Inc. (EVI) President Jerry Medlin today announced EVI’s acquisition of Odessa, Missouri-based Lafayette County Car Company, LLC, a manufacturer and wholesaler of low-speed electric cars. EVI is currently relocating the equipment and inventory of Lafayette County Car Company to EVI’s headquarters at 4007 Engleton Drive in Fort Wayne. EVI plans to spin-off LC3 Inc. (LC3), an Indiana company, to resume production of the cars. The relocation is expected to be complete by the end of September.
“We’re pleased to announce this acquisition and relocation,” stated Medlin. “LC3 has a product line that complements EVI’s offerings in the electric vehicle arena. EVI has traditionally focused on industrial material handling equipment, such as tuggers, burden carriers and heavy duty quad-steer tracking trailers manufactured for the automotive industry and airport baggage tugs for the airline industry. LC3 brings a true low-speed, on-road car to consumers. We believe this more complete line of vehicles will mean good things for EVI, LC3 and the City of Fort Wayne in the near future.”
“This acquisition will further the recognition of Fort Wayne as a hub for the electric vehicle industry,” said Mayor Tom Henry. “As we look for ways to balance our dependence on gasoline powered vehicles, EVI and LC3 are now even bigger players in the electric vehicle marketplace. The City of Fort Wayne looks forward to supporting the team in any way possible.”
The City, under the administration of former Mayor Graham Richard, provided EVI a $100,000 no interest loan to assist the company with expenses related to the acquisition and relocation. The Community Development Corporation (CDC) has also provided service to EVI over the past few years. LC3 may also seek worker training assistance from the City’s economic development partners. As a result of the acquisition and relocation, an additional 25 jobs are expected to be created at LC3 within two years. There are currently 12 full time workers at EVI. The purchase price for LC3 assets was not disclosed.