"This is a memorable day for our company," said Anthony Pratt, chairman of the Atlanta, Ga.-based company. "This plant will be our first ever in the great state of Wisconsin and is a perfect fit with our aggressive growth strategy to increase our manufacturing footprint and capabilities in the Midwest.
“I’m pleased that Pratt Industries — after seriously considering sites in three other Midwest states — has decided to locate the new facility in Wisconsin,” said Wisconisn Gov. Scott Walker. “This great news comes one day after new figures show Wisconsin added 16,500 private-sector jobs in November, and companies like Pratt are playing a key role in our state’s continued economic success.”
“I'd like to thank Gov. Walker as well as officials at the Wisconsin Economic Development Corporation and representatives of both Rock County and the City for Beloit for their can-do attitude and willingness to welcome and work with new businesses,” Pratt said.
To help secure the project, the Wisconsin Economic Development Corporation (WEDC) has agreed to provide the company with up to $2.4 million in Jobs Tax Credits over the next four years and a $1.75 million low-interest loan for equipment. The actual amount of tax credits are contingent upon the actual number of jobs created.
“WEDC is pleased to be able to play a key role in attracting this industry leader to Wisconsin,” said Reed Hall, secretary and CEO of WEDC, the state’s lead economic development organization. “The 140 family-supporting jobs that Pratt Industries is creating is a big win for Beloit and Rock County.”
The company is also receiving about $3.8 million in aggregate incentives from the City of Beloit and the Greater Beloit Economic Development Corporation (GBEDC). The Wisconsin Department of Transportation and Alliant Energy/WP&L also extended economic incentives to help attract the project.
“Due to the significant nature this project, the city put forth extra effort to provide an extremely aggressive incentive package to ensure the project would happen in Beloit,” said City Manager Larry Arft.
Andrew Janke, executive director of GBEDC, added: “The GBEDC’s willingness to provide a significant discretionary grant of $200,000 to the company showed its commitment to the project and its significance to the Greater Beloit community.”
“This announcement underscores the necessity of having an efficient and effective economic development team”, said James Otterstein, Rock County’s economic development manager. “Successfully facilitating projects of this scale requires technical, as well as complementary financial tools – which is exactly what Alliant Energy’s Economic Development Rider Rate provided.”
The new plant, to be built in the Beloit Gateway Business Park, will convert corrugated container board produced at Pratt’s recycled paper mills into sheets and convert those sheets into finished boxes for distribution throughout the Midwest and beyond.
Aside from using 100 percent recycled paper in its box-making process, the plant will use the latest in water reclamation technology and will eventually reduce discharge into the local sewer system to zero. Further, all forklifts and grab trucks will operate on compressed natural gas instead of propane, further reducing harmful carbon emissions.