Dept. of Commerce: Gov. Doyle Announces Industrial Revenue Bond Approvals

Tony Hozeny, 608/267-9661

MADISON – Gov. Jim Doyle today announced that two businesses will receive Industrial Revenue Bond (IRB) allocations totaling $4.4 million, helping the companies as they expand and make new investments in Wisconsin. The projects will create 16 jobs, retain 34 jobs, and generate $6.4 million in new capital investment.

“My Grow Wisconsin initiative calls for investing in Wisconsin’s manufacturing industry,” said Gov. Doyle. “The Industrial Revenue Bond Program helps us work in partnership with communities to strengthen their manufacturing base and promote and retain job creation and investment.”

Industrial Revenue Bonds are bonds free of federal tax issued by local governments and the proceeds are loaned to new or expanding businesses for development projects. The interest rate is generally below the going prime rate.

The projects are as follows:

Rhinelander Door & Millwork, Inc. Crandon, Forest County, $226,000 IRB
Rhinelander Door & Millwork, Inc. manufactures cabinet doors, drawer fronts, and end panels. The company will acquire the building that it has been leasing, construct an addition to the building, and purchase equipment. The project will retain 14 jobs and create six jobs. The total project cost is $685,000.

Glenn Hepfner, Inc., Hartford, Washington County, $4.2 million IRB
Glen Hepfner, Inc. specializes in laser cutting and metal fabricating. The company’s products include industrial sheet metal, metal parts for point of purchase displays, and chassis and race car components. The company will construct and equip an 80,000-sq.-ft. manufacturing facility. The project will retain 20 jobs and create ten jobs. The total project cost is $5.7 million.

For further information about the Industrial Revenue Bond Program, contact Jamie Wall, Department of Commerce (Commerce), 608/267-0770.