Sussex IM Expands Sussex, Wisconsin, Operations
Sussex IM is in the process of building its first clean room space at its facilities in Sussex to mold medical products. According to the company, the clean rooms are being built to meet increasing demand for medical molding products produced in the U.S. Another investment initiative seeks to accommodate production of decorated blow-molded antibacterial wipes canisters.
Wisconsin Economic Development Corporation is supporting the project by authorizing up to $200,000 in state income tax credits over the next three years. The actual amount of tax credits Sussex IM will receive is contingent upon the number of jobs created during that period. WEDC has also awarded up to $2.63 million in volume cap allocation for the project’s industrial revenue bond (IRB) financing. IRBs are a financial product that allow the public and private sectors to cooperate on business expansions. The program enables companies to take advantage of the municipal bond market and access lower interest rates to finance capital expenditure spending.
“In addition to the jobs created by this project, this expansion will allow Sussex IM to take advantage of a growing market and increased demand for its services,” said Missy Hughes, secretary and CEO of WEDC. “These projects mark the latest example of companies choosing to establish or expand operations in Wisconsin because of our positive business climate and dedicated workforce.”
In addition to the 84 jobs expected to be created by Sussex IM, an economic modeling study estimates the project could indirectly generate 109 additional jobs in the region. Those 193 total jobs are expected to generate $342,616 in state income taxes annually.
Sussex IM Inc. was established in 2010, but the company’s history goes back more than three decades, starting with Sussex Plastics Inc., which was formed in 1977 on one of the company’s current sites in Sussex. The company’s markets include consumer goods, cosmetics packaging, health care products, agriculture products and industrial applications.
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