Like many businesses, the mission at Hibbing Fabricators is simple: faster and better. The Hibbing, Minn.-based metal fabrication company has a new tool on its production floor to accomplish that mission and help the company achieve its carefully designed strategy for success.

Hibbing Fabricators was founded in the mid-1980s in an effort to help diversify the region's economy. As a metal fabricator, Hibbing Fabricators takes sheets of lightweight materials such as stainless steel, aluminum copper or plastic, then cuts and bends it to a customer's specifications to create components like motor covers and computer housing. In some cases, hardware such as screws and washers are affixed to the components.

The company recently implemented a $950,000 equipment purchase to install a new laser-cutter that enhances the company's capabilities. Iron Range Resources provided a $300,000 bank participation loan as part of the package.

The laser-cutter produces smoother curves and can complete several metalcutting functions – such as cutting, etching and punching holes – in a single pass.

"The laser allows us to be more creative and efficient," said Fred Prom, president and controller. "We had the ability to do many of these things before, but the laser allows us to do them better."

Customers include well-known regional companies like Cirrus, as well as manufacturers in the medical, aerospace and non-fossil fuel industries with operations in the Midwest, Southwest, West Coast and overseas.

 

Iron Range Resources participated in a series of bank participation loans to Hibbing Fabricators to assist the company and fund equipment purchases.

 

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