Marinette, Wisconsin-based Winsert, Inc., a firm that produces alloys and components for heavy-duty and high performance engines and machinery, plans an estimated $17.5 million plant expansion.
Using tax credits supplied through the Wisconsin Economic Development Corporation and Wisconsin Housing and Economic Development Authority financing, Winsert plans to create up to 92 jobs, in addition to retaining 156 existing positions. With its current job creation plans, Winsert is eligible for up to $880,000 in tax credits.
Winsert will also receive a $19 million allocation in federal New Market Tax Credits from Wisconsin Housing and Economic Development Authority, as a part of the Wisconsin Community Development Legacy Fund. The credits will be sold to investors with the firm using those funds for plant expansion.
"With tax credits from Wisconsin Economic Development and the Wisconsin Housing and Economic Development Authority, Winsert is planning a significant expansion to its plant facility which will also add manufacturing jobs for the Marinette region. This expansion investment by Winsert is more good news for the Marinette area," said Governor Scott Walker. "This is another sign of the confidence our manufacturers have in Wisconsin's business climate."
"We're very pleased to be help Winsert overcome financial obstacles and grow by leveraging federal tax credits," said WHEDA Executive Director Wyman Winston. "This tax credit investment will have significant economic impact and job creation for Marinette."
"The partnership by the state and city of Marinette will help solidify Winsert's expansion and job growth to meet its growing market and production needs," said Paul Jadin, CEO and Secretary of the WEDC.
Trisha Dickinson Lemery, the firm's president and CEO, thanked officials for helping the firm secure financing and grants that will allow them to expand its innovative manufacturing and hire new workers in production, research and development and other jobs.