State will provide up to $ 22.5 million in additional performance-based tax credits
MENOMONEE FALLS – Gov. Tony Evers, with the Wisconsin Economic Development Corporation (WEDC) Secretary and CEO Missy Hughes and company officials, announced today that the Milwaukee Tool will invest $ 206 million and create 1,000 new jobs in Wisconsin.
“For About 100 years, the Milwaukee Toolkit has been making high-quality products to help workers in Wisconsin and around the world get the job done,” said Gov. Evers. “Through all that time, Wisconsin has seen significant growth in the last decade. We are happy to continue to invest in jobs for Wisconsinites but to ensure that growth continues in the years to come. ”
Milwaukee Tool continues to experience rapid growth fueled by their dedication to new technologies and user-driven innovations. The newest investment company in Wisconsin will help support its nine locations across the state. Of the 1,000 jobs the company has committed to creating, many will need to support the rapidly advancing technologies harnessed in their products.
WEDC is supporting the project with an additional $ 22.5 million in Enterprise Zone tax credits, raising the state’s total investment in the company success to $ 70.5 million. The actual amount of tax credits the company receives depends on meeting the capital expenditure and job creation goals.
“Milwaukee Tool’s investment in Wisconsin is creating opportunities for all suppliers, construction companies, and others who partner with them,” said WEDC Secretary and CEO Hughes. “The company has deep Wisconsin roots and displays those volunteering.”
WEDC and Milwaukee Tool began their partnership in 2016 when the state created the Enterprise Zone to support the company expansion in Wisconsin. The zone will provide up to $ 70.5 million in state tax credits if the company makes a total of $ 285 million and creates new full-time jobs. 31, 2027. As of Dec. 31, 2021, Milwaukee Tool has invested more than $ 233 million and created 2,289 new jobs.
Over the last decade, the company has experienced incredible double-digit growth worldwide and currently employs more than 10,000 people in the United States, with more than 3,600 in Wisconsin.
“This state has been our company home for nearly 100 years, and we’re proud to continue our investments here,” said Ty Staviski, chief financial officer for Milwaukee Tool. “Our people are the key to our success. We look forward to introducing 1,000 more people to the incredible culture we have created at our world-class facilities. ”
Founded in Milwaukee in 1924, Milwaukee Tool develops jobsite solutions for the construction trades worldwide. The company is especially known for cordless power tools, safety solutions, battery-powered outdoor power equipment, time-saving accessories, and innovative hand tools. It is headquartered in Brookfield.
“With innovative design and products with exceptional performance, Milwaukee Tool’s a clear industry leader,” said Gale Klappa, co-chair of Milwaukee 7 and executive chairman of WEC Energy Group. “The extraordinary company growth trajectory is creating career opportunities for graduates of our colleges and universities, as well as attracting talented people to southeastern Wisconsin from across the world. As the Milwaukee Toolkit applies its technical expertise to new markets and product categories, this remarkable company is better-positioned for continued growth. ”