The owners of Hibbing Fabricators (HibFab) utilized bank participation loans from Iron Range Resources & Rehabilitation to purchase the company’s stock and real estate from the company founders.
HibFab is a manufacturer and assembler of precision metal products comprised of materials such as aluminum, steel, stainless steel, copper, brass, titanium and tin. It supplies to the aerospace, medical, computer, telecommunications, industrial, food processing, energy, technical and electronics industries. Their products manufactured in Hibbing eventually become components in equipment and aircraft sold and utilized throughout the world.
Over 50% of the company’s production is for the aerospace industry. Three of its most well-known, direct and indirect clients are Cirrus Aircraft headquartered in Duluth, Panasonic Avionics of Bethell, Washington and Lockheed Martin.
“With the soft economy in 2020, Hibbing Fabricators’ business experienced a dip in sales which was a direct reflection of COVID-19. Since that time, it has recovered particularly well with substantial growth in the aerospace, healthcare and electronics industries,” said Rally Hess, HibFab co-owner. “We are anticipating continued revenue gains through 2026.”
Hess explained that the business loans from Iron Range Resource & Rehabilitation helped the company’s principals keep the company in Hibbing providing meaningful job opportunities and employment growth on the Iron Range. The ownership transition has poised HibFab for steady, long-term growth.
Along with its large national clients, HibFab’s customer base includes companies in northeastern Minnesota including Nelson Williams Linings, RMS Tritec, L&M Radiator, Detroit Diesel, Newcon Valve, Moline Machinery, Baldwin Supply, Electric Power Door Company, Velik Tek and Trison Solutions (common ownership to Hibbing Fabricators). HibFab supplies the local manufacturers with products and services to complement their operations.
HibFab employs more than 30 full-time workers including equipment operators, machinists and welders. Founded in 1985, the company has been successfully operating in northeastern Minnesota’s Iron Range for over three decades. Learn more about Hibbing Fabricators.
Iron Range Resources & Rehabilitation supported this project with bank participation loans totaling $362,500. The agency’s business loans are funded through taxes paid by Minnesota’s mining industry. Email Scott Sundvall for more loan information or call him at 218-735-3015.