SRC combines two subsidiaries with $19M building investment in the works

SRC combines two subsidiaries with $19M building investment in the works

SRC Holdings Corp. has combined two of its subsidiaries, and a new multimillion-dollar building is being constructed in northeast Springfield to house the consolidated operation.

SRC Industrial Corp. was formed Jan. 27 through the combination of Global Recovery Corp. and Whole Goods, according to a news release. The combined energy and power generation manufacturing and remanufacturing company works in the rental, disaster relief, construction and agriculture markets, with products such as industrial power units, engines, industrial generators and industrial air compressors.

“Our shared vision is to leverage the strengths of both of these teams, blending our organizations to foster a culture of ownership, quality, and sustainability,” SRC Industrial General Manager Spencer Cunningham said in the release. “The focus on vertically integrating the teams and product lineup is crucial, and we are committed to staying true to SRC’s rich legacy of remanufacturing as well as introduce a line of new products.”

With 18 years of experience at SRC, Cunningham most recently led Whole Goods as general manager. Neil Chambers, the founding general manager of the 2013-formed Global Recovery Corp., exited the organization in 2024, said Danielle Rapp, marketing and communications manager for SRC Holdings Corp.

SRC is investing $19 million in a new 200,000-square-foot building on North Mulroy Road that would house SRC Industrial, with completion expected later this year, according to the release. SRC Industrial, which currently operates at 4727 E. Kearney St. and 2401 E. Sunshine St. with around 85 employees, additionally expects to add more than 200 jobs in the Springfield area in the next five years.

Rapp said construction started in spring 2024 on the 2801 N. Mulroy Road building.

The SRC Industrial building adds to an existing growth area for SRC Holdings.

Its SRC Logistics Inc. subsidiary is fresh off a 2023 completion of an expansion to its 2607 N. Mulroy Road home, according to past Springfield Business Journal reporting.

A 10-year plan announced in 2021 by SRC called for $100 million in projects companywide.