Kwik-Way Plans Venture With Launch

Kwik-Way Products Inc. is seeking US state assistance to establish a joint venture with a Chinese company. The company is seeking a “$135,000 forgivable loan” from Iowa’s Economic Development Set-Aside Program administered by the Iowa Department of Economic Development. David Parks, president of Kwik-Way Products, told online news sources his company is forming a venture with Launch Tech Company Ltd. of Chenzhen, China.

Launch Kwik-Way also plans to seek $60,000 from the Marion Economic Development Co. Parks said Launch Kwik-Way will create 41 jobs over the next five years and retain 11 positions at Kwik-Way Products.

The move reportedly signal a switch away from an Italian partner. Parks said profits should rise as the cost of the Chinese-made equipment will be less than the products purchased from Italy. He said the venture will result in a total investment of $1.5 million in funds from the two companies, the state of Iowa and the Marion Economic Development Co.