Milwaukee Tool has announced plans to invest $206 million and hire 1,000 new employees at its Wisconsin facilities.
Chief Financial Officer Ty Staviski announced the investments during a presentation at the company’s Menomonee Falls facility.
He stated that the company’s double-digit growth is fueled by its commitment to new technologies.
He said: “This new $206 million investment will help support the expansion of our existing research and development facilities, our infrastructure needs, and our equipment at all of our locations across the state of Wisconsin.”
Many of the 1,000 new jobs will be critical engineer and technical roles to support the development of advanced technology and manufacturing.
Staviski thanked Gov. Tony Evers for seeing the incentive package through to completion, the Wisconsin Economic Development Corporation (WEDC) and WEDC Secretary and Chief Executive Officer Missy Hughes for their long-term support of the company’s growth in the state, and the Milwaukee 7 and Milwaukee Metropolitan Association of Commerce for their dedication and support of the company.
He also thanked the village of Menomonee Falls, the cities of Brookfield and West Bend, the Waukesha County Board, the Waukesha County Business Alliance, WE Energies, and the city of Milwaukee.
WEDC will contribute an additional $22.5 million in Enterprise Zone tax credits to the expansion, bringing the state’s total investment in the company’s success to $70.5 million.
Per the information from Gov. Tony Evers’ office, the actual amount of tax credits received by the company will be determined by meeting capital expenditure and job creation targets.
“We are excited to continue our journey of the great state as we deliver disruptive innovation and incredible service to our users on job sites across the world.”
Staviski added that since the company’s partnership with WEDC began, the company created more than 2,200 jobs in the state.
He said: “We are excited to continue our journey of the great state as we deliver disruptive innovation and incredible service to our users on job sites across the world.”
Evers praised the company’s work in the state over the past century, saying: “For nearly 100 years, Milwaukee Tool has been making high-quality products to help workers in Wisconsin and around the world get the job done.
“Through all that time, Milwaukee Tool has never stopped innovating.
Evers said that the company has received more than a thousand patents since 2007.
What is Milwaukee Tool?
What does it do? The Milwaukee Electric Tool Corporation is an American company that develops, manufactures, and markets power tools.
Where is it based? It is a brand and subsidiary of Techtronic Industries, a Hong Kong-based company, along with AEG, Ryobi, Hoover, Dirt Devil, and Vax. It is headquartered in Brookfield, Wisconsin, United States.
How many staff does it have? The firm currently has 5,500 employees.
What is its annual revenue? $8 billion