Contacts:
Tony Hozeny, Department of Commerce, 608-267-9661
Ethnie Groves, Office of the Governor, 608-261-2156
Projects Will Create 225 New Jobs, Train Nearly 120 Workers
Governor Jim Doyle announced today that four companies will
share $727,865 in Wisconsin Development Fund awards to assist with economic
development and labor training. The four projects will create 225 positions
and train 118 positions, and represent a total capital investment of $85.5
million. The training projects will leverage $228,765 in private funds.
“Through my ‘Grow Wisconsin’ plan, we are working hard to
foster the growth of business statewide, create high-wage, high-end jobs for
our citizens, and build a strong economy from the ground up,” Governor Doyle
said. “I am pleased that these companies will use these funds to conduct
training and invest in economic development and business expansions.”
The Department of Commerce staffs the Wisconsin Development
Fund. The independent Wisconsin Development Finance Board considers
proposals and awards funds for technology development, customized labor
training, and capital investment associated with a major business expansion
or relocation. The awards were made at the Wisconsin Development Finance
Board meeting held November 29, 2004 in Madison.
The projects are:
Reynolds Wheels International, Beloit, Rock County – $47,000
Customized Labor Training Grant
Reynolds Wheels International manufactures automotive cast
aluminum wheels for customers such as Ford, BMW, and General Motors. It
will use the funds to train 37 new employees. The training project will
leverage $47,905 in private investment.
Stora Enso North America Corporation, Biron, Wood County –
$180,865 Customized Labor Training Grant
Stora Enso North America manufactures coated papers for the
printing and publishing industries. The company is investing $48 million in
rebuilding one of its paper machines. It will use the grant to train 81
existing employees on the rebuilt equipment. The training project will
leverage $180,860 in private investment.
Compo Steel Products, Inc., Milwaukee, Milwaukee County –
$250,000 Major Economic Development Loan
Compo Steel Products manufactures steel electrical
enclosures, fuel tanks, and locomotive parts, among others. The company is
investing $1.3 million in new equipment and working capital. It will use
the funds to purchase equipment. The project is expected to create 68
positions.
Presto Absorbent Products, Inc., Eau Claire, Chippewa County
– $250,000 Major Economic Development Loan
Presto Absorbent Products manufactures absorbent products
such as those used in baby diapers and adult incontinent products. The
company is investing $36 million to expand operations, purchase equipment,
add product lines, and staff three shifts. The project is expected to
create 120 positions.
For further information on the Wisconsin Development Fund,
contact Jamie Wall at Commerce at 608-267-0770.
