Milwaukee 7 recognizes Racine County Economic Development Corporation with Excellence in Economic Development Award
MILWAUKEE – The Milwaukee 7 Economic Development Partnership has recognized the Racine County Economic Development Corporation (RCEDC) with its inaugural Excellence in Economic Development Award, M7 officials announced on Wednesday.
The award, which recognizes outstanding economic development projects and partnerships that have contributed to the economic vitality of the Milwaukee Region, was presented during M7’s annual meeting at Northwestern Mutual’s headquarters in downtown Milwaukee. RCEDC President Greg Barron, Executive Director Jenny Trick and members of the RCEDC staff were present to accept the award.
“Racine County has been a valued and trusted M7 partner over the years, with a mission of connecting communities, facilitating jobs and growing businesses,” M7 co-chair Gale Klappa said. “We thank the team in Racine for all of its hard work and the exceptional contributions it is making to our region’s economic growth and prosperity.”
Leonardo DRS Inc. is building a new manufacturing facility and offices in Menomonee Falls to accommodate its growing Naval Power Systems line of business -- a project expected to create up to 220 jobs in southeast Wisconsin.
The company will invest $56 million in a new best-in-class engineering and manufacturing facility to serve as the focal point for most of its business development and production activities.
The facility, expected to open in 2020, will house the design, test and manufacturing facilities for naval and marine power distribution, power conversion, motor controls, drives and automation/control equipment for the U.S. Navy, commercial and international customers.
In an interview with the Milwaukee BizTimes, MMAC president Tim Sheehy said the Milwaukee 7 economic development partnership exhausted all possibilities for the company in Milwaukee before considering other options. The company also was exploring options outside Wisconsin.
>>View full edition from December 13, 2019 MMAC Insider
Milwaukee Tool is expanding again in Brookfield, with plans to build a $32 million R&D facility - a project expected to create 350 new jobs.
The company has purchased a 3.5-acre site near its current facility that will house an advanced manufacturing research and development facility and office space. The 114,500-square foot, multi-story building is expected to be completed by late 2019.The company plans to create 350 jobs at the facility over the next five years - primarily engineering and software positions with an annual average salary of $75,000.
The Milwaukee 7 Economic Development Partnership has announced the first round of loans to be awarded from its new Venture Capital Fund. The $1 million fund – supported with a $500,000 grant from the Wisconsin Economic Development Corporation’s Capital Catalyst Program that is matched by the Milwaukee Economic Development Corp. – provides loans and grants to early and growth stage companies. The fund targets seed-stage ventures in advanced manufacturing and other technology sectors, including graduates of local accelerator programs such as The BREW, WERCBench Labs, FaBCAP and Gener8tor.
The fund provides additional capital to emerging companies and second-stage start-ups in southeast Wisconsin for activities leading to investment readiness or revenue generation. The capital is intended to help companies achieve measurable business development milestones, such as feasibility assessments, product development and market validation... >>READ MORE
Company planning $242 million production plant
by TIM Sheehy
President of the MMAC