A Denison company just got $6 million.

And the Denison Development Alliance is happy to announcement the investment with some incentives of its own.

Last Friday, DDA and the city of Denison announced the $6 million renovation of the former Terex facility on FM 1417 near the North Texas Regional Airport. Bucyrus, of Milwaukee, bought Terex in February as part of an expansion in its mining and drilling divisions. The company decided to move its drilling unit to Denison in the process prompting the investment in the former Reedrill building.

“Reedrill has been part of our community for many years,” said Harry Kirschman, DDA board chairman. “This investment is very proactive.”

Of DDA’s $107,000 performance incentive over five years, Kirschman noted that DDA’s work is not restricted to new companies.

“We are always looking for increased job growth in Denison,” he said. “To start, Bucyrus will add 10 new jobs.”

“Anytime we can see that type of expansion and additional jobs, it’s positive,” Kirschman added. “DDA tries to attract new businesses, but it also helps existing companies.”

According to the local Bucyrus human resources group, the company will need to hire just for the additional production that the local plant will be doing.

“We will need to hire, within the next 18 months, an increase of 50 percent of our labor force,” said Patti Fanning, Bucyrus manager. “We’ve already gotten 848 applications and the ones we hire we usually get for life.”

According to a press release, the workforce at Bucyrus will increase 35 percent overall during the expansion.

“With the recent acquisition of the mining business of Terex Corporation, our employee base will be increasing and we need more space to accommodate the growth,” said Tim Sullivan, president and CEO of Bucyrus.

Capital expansion will be complete by year’s end with production to begin Nov. 1. Bucyrus is making Denison its ‘World Center of Excellence for Drills’ as it transfers all drill production to the former Terex site. Bucyrus, founded in 1880, is the leading supplier of large ‘blast hole’ drills in the world. The company has 10,000 employees serving customers at 100 locations throughout the world.

Other officials were on hand at the announcement including State Rep. Larry Phillips (Dist. 62) and Denison Mayor Robert Brady.

“In Denison, things are not sitting still,” said Phillips. “We appreciate this largest investment in that facility since it was built in 1975.”

“And we are so excited that we don’t have to lose part of our community,” added Phillips referring to the possibility that the local unit might have moved to Milwaukee.

Phillips noted that the announcement was a sign of things to come.

“We are having a great day,” he said. “I believe we are coming out of the recession because of investments like this. We thank you for this commitment and strong support of our community.”

“Usually we hear bad economic news, but today there is a different kind of announcement,” said Mayor Robert Brady. “This is a great investment in our community.”

“It shows Bucyrus’ confidence in this facility,” he continued. “We want to be partners with Bucyrus in the future and hope there is more to come.”

Local manager Alan Walker is returning to Denison to oversee the operations. He began with the company in 1993 and spoke of the drill business’ history. He noted that it started out as “Jack’s Power Saw Company” in the 1940s and supplied equipment for the Lake Texoma project.  The company has had five owners before Bucyrus bought it on Feb. 19 for $1.3 billion.

“Bucyrus is well known in the mining business; they dug the Panama Canal,” explained Walker. “And have a $4 billion business today.”

Walker added that employees are loyal and dedicated to the company.

“It is not unusual to see fourth generation people at Bucyrus,” he said.

According to Walker, the expansion in Denison will make the local facility a ‘global company.’

“Here the focus will be on the mining industry,” explained Walker. “Everyone needs iron ore, coal and copper to build infrastructure, so mining is rebounding first.”

Walker explained that the Denison ‘Center’ will be the second one in the Bucyrus organization. The $6 million expansion will include upgrades to the facility and moving all drilling operations to Denison, he added.

“We’ve never seen this type of investment made by all previous owners combined,” said Walker. “With much of it staying here and going to local contractors and suppliers.”

Walker also announced that Bucyrus will develop new drilling products that will hit the market next year and in 2012. He also noted that local employees have been supportive and helpful during the process.

“Our team members have been incredible,” said Walker. “In transforming our entire production process.”

He also praised Kaai, DDA and the city of Denison for helping ‘clear the way’ for the investment.

“If you are not excited about what’s happening in our building, then you need a new battery,” said Walker. “It’s never been this good! It’s great news for Denison and we’re happy to be here.”

Kirshman also welcomed Bucyrus and thanked them for the investment.

“This is a great day for Denison,” he said. “We always welcome opportunities when existing companies expand; not just new ones.”

Kirshman also praised DDA President Tony Kaai and the DDA staff.

“Tony Kaai and the staff did a great job working with Bucyrus,” he said. “They are all about Denison all the time.”

An official ribbon cutting for the renovations will be held Oct. 21-22 when the Bucyrus International Board of Directors will be at the Denison facility to tour the improvements.