The SEED (Sweetwater Enterprise for Economic Development) Board of Directors met in a regular session for the first time in 2011 on Monday, Jan. 10, at the Sweetwater Chamber of Commerce building.
A presentation was made by Larry Ludlum, vice president of Ludlum Measurements, to open the meeting. Ludlum gave an update on the company, and thanked the SEED board for their moral and financial support. Because of the board's financial help, specifically in 2007, various deals — even international deals in the United Kingdom (UK) — were made as a result. Ludlum went on to discuss the business that is occurring overseas in the UK, noting a particular business move that was made within the UK into a suburb of London.
Nevertheless, Ludlum shared that business is still going very well locally in Sweetwater, such as training on product lines. Much of the manufacturing of the parts that are made by the company are done in town, which are then sent to the UK for verification. The parts that are made by Ludlum Measurements are used in the fields of radiation, as well as the medical and oil fields.
Many positive aspects were shared by Ludlum to the board. Due to the growth in orders, more manufacturing is done in Sweetwater. This past year, the company boasted 399 employees, with projections of adding 10 to 15 more workers yearly. Sales are expected to grow in the next few years, and the profits that are being made now are coming back into the community. The board praised Ludlum and the company for being very community oriented and their use of local buildings.
Also presented at the meeting were updates from Assistant Marketing/Admin. Director Kirstin Smith and Executive Director Ken Becker. Smith shared that the website updating process would begin this Wednesday, and a donation from Blue Arc has been received. Becker gave the board brief yet positive updates of numerous projects that SEED is currently undertaking.
Items approved at the meeting were in regards to the finance, such as the financial statements from November 2010 and the payment of accounts payable. 2010 proved to be one of the best years on record in spite of the national economy, yet the board is still aware that there were some downturns. Also approved were the minutes from the meetings in December 2010.
The SEED board was also informed about property owned on the corner of Oak and First street. These four lots are currently being used for parking for the Oak Street Cafe. The information was presented in order to bring awareness of the property, as well as any liability that may be tied with it.