From St. Louis Business Journal: An engineering design and manufacturing company under new ownership in the city of St. Louis is planning a $9 million expansion that would double its employee count.
Electrical Accessories Unlimited (EAU) was acquired earlier this year by local business partners John Muller and Steve Chung, in a deal that included its building at 4245 Gustine Ave. in Dutchtown, according to a news release. They acquired the business through an LLC, SCJM Partners, city records show.
Terms of the acquisition and its date were not disclosed. Business brokerage firm Fusion Business Brokerage, based in Kirkwood, and its senior broker, Kim Wright, represented both the buyer and the seller, who wants to remain confidential, representatives of the firm said.
The property was sold by EAU’s onetime owner Moll Properties LLC for $1.5 million, after last selling in 2014 for $775,000, city records show. Moll Properties is registered to Ben Moll of Sappington, state records show. The recent, undisclosed seller had taken ownership of the business from Moll Properties and leased the building from Moll, a spokeswoman said.
EAU, founded in 1983, manufactures cable assemblies, wire harnesses and control panels for a wide range of industries, including power generation, power distribution, automotive, aerospace, medical, industrial, consumer, military, defense, printing and communications.
The Dutchtown building it operates from occupies 34,585 square feet on 1.63 acres, according to records from data analytics platform Reonomy.
Muller and Chung plan to expand the firm’s south St. Louis manufacturing facility and add employees using New Markets Tax Credits, a federal initiative implemented with support from the city of St. Louis, according to the release. The incentive is intended to maintain and grow the city’s manufacturing base and the surrounding community.