A company moving from Illinois to Whitewater will receive $150,000 in financing through the state, the Wisconsin Department of Commerce announced.
Ecological Concepts, (Eco-Tech), a manufacturer of recycled-plastic lumber and other products, will get the loan through the Community Development Block Grant – Economic Development Program.
The loan will help the company buy new equipment and is expected to help the company add 97 jobs over three years. An additional $600,000 in other investment is involved.
Racine County has received a $1 million grant from the Community Development Block Grant-Economic Development (CDBG-ED) Program. Racine County will lend the funds to Golden Books Family Entertainment, Inc./ Golden Books Publishing Company, Inc. (Golden Books), Sturtevant, a leader in publishing children’s books.
The project will retain 600 jobs, create 300 jobs over two years, and leverage $16,549,000 in additional investment.
The CDBG-ED Program is administered by the Department of Commerce using funds from the U.S. Department of Housing and Urban Development.
The Department of Commerce has approved the allocation of $62,375,000 in financing for 24 municipalities to help local business recruitment and expansion projects.
Together, the projects are expected to create 1,354 family-supporting jobs and generate $45,262,000 in new investment.
The financing, through the Volume Cap Allocation Council, goes to municipalities in the form of tax-free industrial reveune bonds. The interest rate on the loans is generally about 6.25% – or about 75% of the going prime rate.
The following summarizes the successful proposals in southeastern Wisconsin:
Southwest Metal Finishing, Inc., New Berlin, $4.75 million.
This company polishes and plates metals. It is purchasing land and rehabilitating an existing 55,000-sq.-ft. building in the New Berlin Industrial Park that has been vacant for two years. This will be the company’s third facility in New Berlin. The expansion will create 125 new jobs at an average starting wage of $14.85/hour. The total project cost is $7,654,600.
Vita Food Products, Inc., Pleasant Prairie, $8 million.
The company is one of the nation’s leading processors of herring and smoked salmon products. It is relocating to Pleasant Prairie from Chicago, and will construct a new manufacturing facility. The expansion will create 134 jobs at an average starting wage of $12/hour. The total project cost is $13.13 million.
Electronic Cable Systems, Inc., Franklin, $2 million.
This company’s chief product is avionics systems for aircraft. It will construct and equip a 40,000-sq.-ft. addition to its Franklin facility. The expansion will create 100 jobs at an average starting wage of $13.02/hour. The total project cost is $2 million.
Pope Scientific, Inc., Saukville, $1.9 million.
The company manufactures custom cryogenic research vessels, portable pressure vessels, and distillation equipment. It is moving its manufacturing facility from Menomonee Falls to a new 53,000-sq.-ft. facility in Saukville, and retaining its entire workforce. The expansion will create 27 jobs at an average starting wage of $18.08/hour. The total project cost is $3.5 million.
Wisconsin Plastic Products, Inc., Plymouth, $2.5 million.
This firm manufactures high-quality plastic extrusions, particularly for the furniture industry. It is consolidating three leased operations in Sheboygan Falls to a new 80,000-sq.-ft. plant in Plymouth. All present employees will be retained. The expansion will create 42 jobs at an average starting wage of $15.57/hour. The total project cost is $5 million.
Troyk, LLC, Franklin, $2 million.
This printing firm is moving from Milwaukee to a 40,000-sq.-ft. facility in Franklin. All current employees will be retained. The expansion will create 21 jobs at an average starting wage of $13.07/hour. The total project cost is $3.4 million.
Polyfab Corp., Sheboygan, $2 million.
This custom plastic injection molder serves a variety of industries. It also offers engineering assistance so that customers can design their own molds. The company will construct a 32,000-sq.-ft. addition to its existing facility. The expansion will create 36 jobs at an average starting wage of $14.68/hour. The total project cost is $3.5 million.
Weldall Manufacturing, Inc., Waukesha, $4 million.
This metal fabricator is replacing its existing Waukesha plant with a 98,500-sq.-ft. facility and associated equipment. The expansion will create 50 jobs at an average starting wage of $15.67/hour. The total project cost is $6.6 million.
Service Heat Treating, Inc., Milwaukee, $3 million.
The company heat-treats and brazes steel products, primarily machined parts and fasteners. It will expand and improve its existing facility, and purchase new equipment. The expansion will create 118 jobs at an average starting wage of $20.37/hour. The total project cost is $5.7 million.
Toolrite Manufacturing Company, Inc., New Berlin, $1.15 million.
The company manufactures tools and dies, special machines, cutting tools, and production parts. It is constructing a 20,000-sq.-ft. addition to its existing plant. The expansion will create 45 jobs at an average starting wage of $14.72/hour. The total project cost is $2.250 million.
Quest Technologies, Oconomowoc, $1.6 million.
The company is an ISO 9001-certified manufacturer of health-care industry hygiene instruments. It is constructing and equipping a new manufacturing facility. The expansion will create 18 jobs at an average starting wage of $12.89/hour. The total project cost is $2.8 million.
April 1998 Small Business Times, Milwaukee
