German Manufacturer Will Establish First U.S. Production Facility in Wisconsin
Thomas Magnete USA is a privately-held German manufacturer of fluid power devices for the automotive and other machinery markets. The company currently has production facilities in Europe and Asia, but as the result of growth in its North American markets, the company developed a plan to assemble and test some of its key products in the Midwestern U.S.
Thomas Magnete USA plans to invest over $3 million in the project, which will facilitate the creation of 27 new positions. The plan will also generate economic activity with the local supply base, from which the company intends to procure over 50% of its components.
The project is being supported by a $79,000 tax credit allocation by the Wisconsin Economic Development Corporation.
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