Wisconsin Governor Doyle Announces $7 Million to Expand Manufacturing in Hartland

By admin - Posted on April 11th, 2008

April 10, 2008 -- HARTLAND - Wisconsin Governor Jim Doyle today announced $7,200,000 for Midwest Composite Technologies, Inc. in Hartland to help the company expand and create job opportunities in the area. The company will use the funds to help acquire an existing 69,000 square foot manufacturing facility. The project will create 13 jobs.

“Manufacturing is a big part of who we are in this state, and will pave the way for our future,” Governor Doyle said. “One of the top priorities of my administration is to help move industries, companies, and communities forward, and ensure there are enough good, family-supporting jobs for our citizens.”

“We are extremely grateful for the bond that has been granted to us,” said Midwest Composite Technologies, Inc. President Helmut Keidl. “It is a vehicle that has allowed us to afford the relocation and expansion that would normally be very difficult to accomplish. It is important to us to be able to improve the satisfaction of our customers and provide a high-level work environment for our employees.”

Midwest Composite Technologies, Inc. is a manufacturer of composite products, including molds, tooling, models and prototypes. It is home to some of the latest manufacturing technology available including: rapid prototyping, CNC machining centers, injection molding machinery, RIM presses and design software. Midwest Composite is a family-owned business, in operation for more than 25 years.

The project will allow Midwest Composite to streamline its manufacturing flow for increasing business. It will also enable the company to eliminate outsourcing, pursue its private label products with proximity to local medical corporations, and allow for future growth. The company’s capital investment in this project will exceed $7.7 million.

The company will receive Industrial Revenue Bonds approved by the Department of Commerce. The bonds are free of federal tax issued by local governments, and the proceeds are loaned to new or expanding businesses for development projects. The interest rate is generally below the going prime rate.

For more information on Commerce programs and services, contact the Commerce area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html.

Source: Wisconsin Governor

Bookmark/Search this post with: