Dept. of Commerce: Governor Doyle Announces $150,000 for Ace Precision Machining Corp.

Ethnie Groves, Office of the Governor,
Tony Hozeny, Department of Commerce,

Funding Will Help Company Equip New Facility in Oconomowoc,
Create Almost 100 New Jobs, and Retain More Than 50 Jobs

Governor Jim Doyle announced today that Ace Precision
Machining Corp. of Oconomowoc will receive $150,000 in Technology Zone tax
credits from the Department of Commerce to help the company equip a new
facility, create almost 100 jobs, and retain more than 50 jobs.

“Through my ‘Grow Wisconsin’ plan, we are working hard to
invest in our economy and help our manufacturing companies expand, upgrade,
and create new jobs,” Governor Doyle said. “I am pleased that we are able
to assist Ace Precision Machining as it locates its corporate headquarters
in Waukesha County and creates new jobs for the community.”

“Our company supports Governor Doyle’s objective for State
of Wisconsin businesses to be among the most productive in the world,” said
Kathy Erdmann, owner and director of Ace Precision Machining. “We are
grateful for the opportunity to participate in the Technology Zone tax
credit program because it assists us in continuing our mission to produce
the highest-quality parts for our customers all around the world.”

Ace Precision Machining Corp. will invest $3.3 million to
equip its new facility in Oconomowoc. The project will create 97 positions
and retain 53 positions. The company manufactures and repairs gas turbine
engine components and supplies them to domestic, international, and defense

Wisconsin’s Technology Zone program is an economic
development initiative that helps stimulate the growth of businesses that
are locating or expanding in one of eight technology zones statewide. Under
the program, tax credits are made available to businesses that are
commercializing technology or using advanced manufacturing techniques to
retain or create jobs in Wisconsin.

Ace Precision Machining Corp. is located within the
Metropolitan Milwaukee Technology Zone, which provides incentives for
high-tech growth in Machinery Manufacturing/Automation, Biomedical
Technology/Informatics, and Health Care, among others. The zone includes
the counties of Milwaukee, Ozaukee, Washington, and Waukesha.

For more information about the Technology Zone program,
contact Amy Cumblad at the Department of Commerce at 608-266-2688.