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Financial Assistance
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financial | workforce | tax-free zone
Serving the Iron Range and northeastern Minnesota
ASV, Inc.
In its 24 years of operation, ASV has transformed itself from a start-up venture to an internationally known company and anchor of manufacturing on the western Iron Range.Founded in Marcell, Minn., in 1983 by Gary Lemke and Edgar Hetteen, the company has prospered, hitting No. 7 on Fortune magazine's list of 100 fastest-growing small public companies in America.
Today, ASV employs about 240 at its Grand Rapids and Cohasset facilities to design, manufacture and sell rubber track machines and related components, accessories, and attachments throughout the world. They have dealers in the United States, Canada, New Zealand, Portugal, Australia, Kuwait and Dubai. Through its Loegering subsidiary in Casselton, ND, ASV employs approximately 50 people to design and manufacture traction products and attachments for the skid steer industry.
The last few years have brought significant milestones, including the retirement in June 2006 of co-founder Gary Lemke, and the addition of a 120,000 square-foot structure to its production capacity in 2006 to boost total space to about 300,000 square feet. In March of 2008, Terex Corporation (NYSE: Tex), a diversified global manufacturer based in Westport, Conn. acquired ASV, Inc. ASV, Inc. is now a wholly-owned subsidiary of Terex Corporation.
Iron Range Resources assisted ASV through a grant and loan to the company and a grant to the Grand Rapids Economic Development Authority.