SHERMAN, Tex. – An economic development initiative in Sherman could bring in millions of dollars and double the size of a local business. On Monday, members of the Sherman Economic Development Corporation approved a progress agreement for the expansion of Progress Rail.
Progress Rail makes railroad components. The project could double the size of its plant in Sherman and will create 30 to 40 new jobs. During the first two years of operation, the company will receive over $784,000 in incentives.
"We're very excited that we've had an existing business expanding. Whenever we have an existing business expand, it's good for our community economy. It pumps more money into our economy and that helps everybody who lives here," SEDCO president John Boswell said.
Representatives of Progress Rail say the expansion of their current plant is expected to be complete by the beginning of 2009.