Contacts:
Tony Hozeny, Department of Commerce, 608-267-9661
Ethnie Groves, Governor’s Office, 608-261-2156
Projects Will Create 90 Jobs, Retain Nearly 250 Jobs
Governor Jim Doyle today announced that three manufacturers
will receive Industrial Revenue Bond allocations totaling $18 million,
helping the companies as they expand and make new investments in Wisconsin.
The projects will create 90, retain 249 jobs, and generate $22.13 million in
new capital investment.
“My Grow Wisconsin initiative calls for investing in
manufacturing,” Governor Doyle said. “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 allocations were approved at the May 27 Volume
Cap Allocation Council meeting held in Madison.
The projects are as follows:
Minitube of America, Inc., Blue Mounds, Dane County, $7.7
million Industrial Revenue Bond (IRB).
Minitube of America, Inc., is a global supplier of porcine,
bovine, and equine artificial insemination, embryo transfer, and in vitro
fertilization technology, equipment, supplies and training. The project
includes the construction and equipping of a new biotech manufacturing and
research complex that will be capable of handling multi-species for the
purpose of manufacturing product and doing research in the area of animal
reproduction. The project will create 30 jobs and represent total investment
of $9.4 million.
Latitude Corp., Verona, Dane County, $5.5 million IRB.
Latitude Corp. provides a comprehensive range of services,
including precision metal fabrication, computerized-numeric-control
machining, and welding. It currently occupies 75,000 sq. ft. in five
different buildings. To accommodate demand and realize operating
efficiencies, the firm will construct and equip a 129,600-sq.-ft.
manufacturing facility in the new Verona Technology Park. The project will
create 30 machining and fabricating jobs and retain 100 jobs. The total
project cost is $6.5 million.
Dick’s Supermarket, Inc., Platteville, Grant County, $4.8 million
IRB.
The company’s manufacturing facility produces bakery and
delicatessen products for Dick’s Supermarket stores and other stores,
supermarket companies and food distribution companies. It will construct
and equip a new 41,000-sq.-ft. bakery and delicatessen production facility.
The project will retain 149 jobs and create 30 jobs. Total project cost is
$6.23 million.
For further information about the Industrial Revenue Bond
Program, contact Bill Wheeler at the Department of Commerce at 608-267-2045.
