The PROS Co., a full-service machine shop based in Lubbock, Texas, announced this week the acquisition of the nearly 140 year-old Washington Iron Works, a historic company based in Sherman, Texas, that produces aluminum mold casting and heavy duty industrial bearings. This acquisition will enable The PROS Co. to vertically integrate operations to allow quicker development and delivery of complex applications for the company’s global agriculture industrial air, oil and gas and refrigeration customers.
“Washington Iron Works is a legendary brand with extensive knowledge and expertise that will help us better serve our customers,” said Rhett Newberry, CEO of The PROS Co. “Plus, with the help of the Sherman Economic Development Corporation, we are proud to contribute to the company’s rich tradition and the thriving manufacturing industry in Texas by hiring additional employees at the existing facility in Sherman.”
Washington Iron Works, which will continue to operate under the same name as a subsidiary of The PROS Co., can be traced by to 1876 when founders, Solon and Levi Totten, started Totten Bros. Blacksmith to create stagecoach wheels and freight wagons. Nearly 140 years and a new name later, Washington Iron Works has a 50,000+ square-foot, state-of-the-art facility with an on-site foundry that will allow The PROS Co. to create more products to meet customer demand.
“The PROS Co. will allow us to continue our long-standing tradition of excellence under the name that has become synonymous with quality, while also offering additional resources to help expand our operations and reach customers worldwide,” said Scott Totten, past president and owner of Washington Iron Works. “Also, we are thrilled to bring additional jobs to the city we’ve called home for so many years. This community is important to us, and The PROS Co. investment in us is another example of what Sherman can offer to businesses of all kinds.”
The Sherman Economic Development Corporation (SEDCO) and The PROS Co. agreed to an economic development performance agreement, which provides the company with an $85,000 incentive. Payment will be made in three installments based on the performance criteria outlined in the agreement, which includes an expected increase of the Washington Iron Works employment base by nearly 100 percent over two years.