Wisconsin Aluminum Foundry to build, renovate with $11 million tax credit
Cinnaire, a nonprofit community development financial organization, has secured an $11 million New Markets Tax Credit Investment for AFS Corporate Member Wisconsin Aluminum Foundry (WAF), based in Manitowoc, Wisconsin. With it, the foundry will be able to expand with more manufacturing and office square footage. With the expansion comes 80 new jobs.
The 50,000-sq-ft foundry construction and 12,000 sq ft of renovated office space will meet two documented local needs, including the creation of entry-level and living wage jobs with supportive services for low-income individuals and a growing demand for nonferrous metal foundry products manufacturing utilizing advanced processes.
WAF CEO Sachin Shivaram said, “As a century-old, family-owned company, we care deeply about the well-being of our team members, and that’s evidenced by the company’s strong compensation, good benefits, and job security. This investment will only bolster that commitment.
“We see how high-quality employment like what we offer can transform lives, and we make extra effort to ensure that our jobs are accessible to anyone seeking employment,” Shivaram added. “NMTCs will play a huge role in helping us continue to be the type of employer that our community has relied on: One that offers high-quality employment and goes the extra mile to help make these great jobs accessible to low-income individuals.”
WAF’s expansion project will be completed in two phases in 2024: The industrial component, which is new construction, will finish in March, while the office remodel will be completed in October.