Contacts:
Tony Hozeny, Department of Commerce, 608-267-9661
Ethnie Groves, Office of the Governor, 608-261-2156
Projects Will Retain 370 Jobs, Create Almost 70 Jobs
Governor Jim Doyle announced today that four Wisconsin
manufacturers will receive Industrial Revenue Bond (IRB) allocations
totaling $12.9 million, helping the companies as they expand and make new
investments in Wisconsin. The projects will create 68 jobs, retain 370
jobs, and generate $15.5 million in new capital investment.
“Through my ‘Grow Wisconsin’ plan, we are working hard to
upgrade and invest in our manufacturing industry,” Governor Doyle said.
“The Industrial Revenue Bond program helps us work in partnership with
communities to strengthen their manufacturing base and to promote 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:
Badger Tire & Wheel, Inc., Jackson, Washington County – $3
million IRB
Badger Tire & Wheel manufactures and distributes trailer
components for the boat, camper, and horse trailer markets. The company
will construct and equip a new manufacturing facility in the Jackson
Industrial Park. The project will retain seven jobs, create five jobs, and
generate $3 million in capital investment.
Create-A-Pack Foods, Inc., Ixonia, Jefferson County – $3.2
million IRB
Create-A-Pack Foods processes and packages sauces,
dressings, and icings into pouches, bottles, and cups. The company will
modernize its operations and construct a new processing and packing facility
in the Ixonia Industrial Park. The project will retain 45 jobs, create 20
jobs, and generate $4.5 million in capital investment
Karavan Trailers, Inc., Fox Lake, Dodge County – $3.5
million IRB
Karavan Trailers, Inc. manufactures watercraft, snowmobile,
and utility trailers. The company will modernize and expand operations by
purchasing new equipment. The project will retain 285 jobs, create 33 jobs,
and generate $3.5 million in capital investment.
Padanaplast USA, Inc., Sheboygan, Sheboygan County – $3.2
million IRB
Padanaplast USA manufactures compounds for the pipe, wire,
and cable markets. The company will increase production by purchasing new
equipment. The project will retain 33 jobs, create 10 jobs, and generate
$4.5 million in capital investment.
For more information about the Industrial Revenue Bond
Program, contact Jamie Wall at the Department of Commerce at 608-267-0770.
