Dept. of Commerce: Governor Doyle Announces $250,000 to Assist Racine Federated’s Expansion in Wisconsin

Tony Hozeny, Department of Commerce, 608-267-9661

Ethnie Groves, Office of the Governor,

Company Will Retain Almost 90 Jobs, Create More Than 20 New Jobs

Governor Jim Doyle announced today that Racine Federated
Inc. will receive $250,000 in Technology Zone tax credits from the
Department of Commerce to assist the company as it consolidates several
divisions in Mt. Pleasant and creates new jobs in the community.

“Through my ‘Grow Wisconsin’ plan, we are working hard to
invest in our economy and help our companies expand, upgrade, and create new
jobs,” Governor Doyle said. “I am pleased that Racine Federated continues
to show its commitment to the people of Racine County by running three of
its five operating divisions right here in Wisconsin.”

“I wish to thank Governor Doyle and the State of Wisconsin
for funding $250,000 in Technology Zone credits to make this consolidation
possible,” said David M. Perkins, Racine Federated Vice President/CFO.
“This project will consolidate our company’s three divisions in Racine, as
well as a division in Texas and a division in New York, into one building.
This move will also allow for future expansion in Racine County.”

Racine Federated Inc. will invest $890,000 to consolidate
operations in Mt. Pleasant. The project will create 22 positions and retain
87 positions. The company manufactures instruments used in the automation
of control systems. Its products are used in general manufacturing,
concrete paving, and airport runway construction.

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.

The Southeast Tri-County Technology Zone provides incentives
for high-tech growth in high-end systems automated manufacturing,
telecommunications, and biomedical technology, among others. The zone
includes the counties of Kenosha, Racine, and Walworth.

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