Company is latest to invest in Kenosha County
MADISON – Gov. Tony Evers today joined the owner and president of Advent Tool & Manufacturing, Inc., as well as local government and economic development officials, to announce that Advent is relocating its headquarters and production operation from Antioch (IL) to the new Salem Industrial Park, located in the Village of Salem Lakes.
“This is great news for the Village of Salem Lakes, and the entire southeast region of our state, and will bring new opportunities to our communities,” said Gov. Evers. “I want to thank Advent, WEDC, the Milwaukee 7, and all the local officials who helped make this a possibility. The partnerships and relationships these folks have been able to build, truly exemplify why Wisconsin is such a great place to live and work.”
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.”
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 June 28 ceremonial groundbreaking for Foxconn's future 22-million-square-foot manufacturing and research campus included (from l to r): Governor Scott Walker, President Donald Trump, Foxconn Chairman Terry Gou, and House Speaker Paul Ryan in Mount Pleasant.
The team effort to win the project included the MMAC and Milwaukee 7 Economic Development Partnership (M7) together with key partners at state and federal levels. It is the largest economic development win in Wisconsin's history. The campus is expected to employ 13,000 workers, making Foxconn the largest private-sector employer in the state.
Also in this issue of the MMAC Insider eNewsletter:
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