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March 2, 2010

Musical instrument maker secures bonding authority

By John Kline

Plans to once again make Elkhart the musical instrument capital of the world took a big step forward Monday. The Elkhart County Board of Commissioners approved an allocation of $2.6 million in recovery bonds for Massachusets-based Verne Q. Powell Flutes Inc.

The approved bonding authority is connected to Elkhart County’s recent designation as a “recovery zone” under the American Recovery and Reinvestment Act of 2009.

Through the designation, local governmental units and certain private entities within the county now have access to millions in low-interest bond authority.

Established in Boston in 1927, the Powell company is known for producing high-end musical instruments — particularly flutes — in the range of $4,000 to $40,000 a piece.

The company is now in the market to expand, an in October 2009 Powell owner Steven Wasser acquired all assets of the E. K. Blessing company, makers of wind instruments in Elkhart since 1906.

According to County Administrator Tom Byers, Wasser is now in the final stages of purchasing Damon Plant 16, 2995 Paul Drive, Elkhart, a 43,0000-square-foot-plus building on 7.5 acres where he plans to reestablish the E. K. Blessing name with an emphasis on its long history of products made in the United States.

As stated in the company’s business plan, Wasser will be using the $2.6 million allocation approved Monday to fund the cost of the Damon plant and all necessary improvements, equipment and tooling required to get E. K. Blessing back up and running at its new location.

In a recent presentation to the Economic Development Corp. of Elkhart County, Wasser indicated that the move to the Damon plant is necessary as the Blessing’s two existing buildings along West Beardsley Avenue have been deemed inadequate for the type of instrument manufacturing he is looking to produce.

Byers noted that a purchase agreement to buy the Damon 16 plant was signed on Feb. 5, with closing on the plant expected within the next few weeks.

In addition to the new building, Byers indicated, the company also expects to increase its current workforce of about 20 part-time employees to 100 employees over the life of the recovery bond, bringing much-needed jobs to the area.



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