U.S. Sens. Feingold, Kohl: Applaud Bucyrus deal

Contacts: Zach Lowe or Katie Rowley (Feingold) – (202) 224-0981

Lynn Becker or Dawn Schueller (Kohl) – (202) 224-5653

Export-Import Bank Decision Creates Jobs in Wisconsin

Washington, D.C. – Wisconsin’s U.S. Senators Russ Feingold and Herb Kohl announced today that the Export-Import Bank of the United States approved a loan guarantee that will benefit Bucyrus International Inc. and hundreds of Wisconsin workers. The Ex-Im Bank approved a proposed loan guarantee that will facilitate a deal between Reliance Power Ltd. in India and Milwaukee manufacturer Bucyrus International Inc. to purchase $600 million in mining equipment. Feingold and Kohl both advocated for the proposed deal with the Ex-Im Bank.

“Today’s decision is great news for Wisconsin workers. This deal will boost employment and bring some much-needed economic relief to an area of Wisconsin that has been hard hit by the loss of manufacturing jobs over the last decade. Thanks to today’s agreement, hundreds of jobs will be created and sustained here in our state rather than being shipped overseas,” Feingold said.

“Our economy has always relied on a strong manufacturing sector. This investment to help Bucyrus export their technology means good-paying jobs in Milwaukee and all over Wisconsin. I want to thank Chairman Hochberg for his effort to preserve this deal that will help one of Wisconsin’s great companies grow,” Kohl said.

In late June when the Ex-Im Bank considered not approving the Bucyrus deal, Feingold and Kohl went to bat for Wisconsin workers. Feingold and Kohl wrote letters supporting Bucyrus and worked towards a favorable decision. Thanks to the efforts of Feingold, Kohl, Governor Doyle, Milwaukee Mayor Tom Barrett, and the Wisconsin Congressional Delegation, a deal was reached to reconsider the decision. Today’s agreement paves the way for Bucyrus to build electric powered draglines, electric powered rope shovels and mining trucks that will be used in the operation of Reliance Power Ltd. in India.