Lafayette's Rea Magnet Wire adding new product line, installing additional equipment

Rea Magnet Wire Co. is investing in a
plant modernization project, bringing a new product line to Lafayette and
installing additional equipment for its existing product lines.

"This investment, along with the dedication and support of our employees,
will enhance Rea's competitiveness in today's marketplace," Plant Manager
Eric Foster said at a news conference Tuesday at the company's facility at
2800 Concord Road.

The modernization project includes installation of state-of-the-art wire
production equipment and the addition of a new product line, a specialty
wire used in magnetic resonance imaging and other medical equipment.

"We have a flexible, cross-trained workforce who are able to adapt to what's
required by the market," Foster said. "That ability to adapt played into the
company's decision to add a product line and install additional equipment in
Lafayette. Rea Magnet Wire has a high level of confidence in our Lafayette
employees."

Lafayette Mayor Tony Roswarski gave the company's decision a thumbs-up. "It
was 50 years ago this year that Rea Magnet Wire spotted the potential for
success in Lafayette and opened its magnet wire production facility here,"
said Lafayette Mayor Tony Roswarski.

"That longevity is to be appreciated and congratulated," Roswarski said.
"That's 50 years of pay days, of quality magnet wire production and of
commitment to our community. Today marks another milestone as the company
chooses the Lafayette plant for a significant new investment and the
addition of a new product line and equipment. That's a great way to
celebrate a 50th anniversary."

The City of Lafayette is providing up to $50,000 in funds for on-the-job
training for the new product and equipment. It also is assisting with
funding for the plant modernization project by granting up to $150,000 in
Economic Development Income Tax (EDIT) funds, to be paid $25,000 annually
over the next six years.

John Knochel, president of the Tippecanoe County Commissioners, also
heralded the announcement. "A new investment by a long-time local employer
is welcome and wonderful news. Rea Magnet Wire is affirming the viability
and importance of its local facility, workforce and products. This is great
news for the families who count on those jobs, for our county, and for our
economy."

"Working with our existing employers and helping them remain strong and
competitive is Job One for us," said Jody Hamilton, Greater Lafayette
Commerce director of economic development. "Companies are making tough
decisions in these challenging economic times. We appreciate that Rea Magnet
Wire has chosen to strengthen its Lafayette operations. There's no better
news."

About Rea Magnet Wire Co. Inc.

Headquartered in Fort Wayne, Ind., Rea Magnet Wire Company Inc. was founded
in 1933 and has operated in Lafayette, Ind., since 1959. The Lafayette
facility operates continuously, seven days per week. Rea Magnet Wire also
has a logistics group and distribution center in Lafayette.

The privately held corporation is the No. 1 producer of magnet wire products
in North America and one of the world's largest manufacturers of magnet and
nonferrous wire products. Rea produces copper and aluminum insulated magnet
wire and bare wire used in the manufacture of motors, transformers and
coils.

Besides Lafayette, Ind., it produces magnet wire at facilities in Fort
Wayne, Ind., and Monterrey, Mexico. The company also has manufacturing
plants in Connecticut, Virginia and Arkansas, and several joint venture
plants in China.

About Greater Lafayette Commerce

Headquartered at 337 Columbia St. in Lafayette, Greater Lafayette Commerce,
whose roots go back more than 80 years, is a nonprofit membership
organization supported by local industries and governments. Its mission is
to advance economic and community prosperity for a superior quality of life.

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FOR MORE INFORMATION CONTACT

Jody Hamilton, Director, Economic Development,
Greater Lafayette Commerce: 765/807-5927