HellermannTyton Corp. is seeking a $10 million loan from the Milwaukee Economic Development Corp. for the ongoing expansion of its facility at 6701-11 W. Good Hope Road in Milwaukee.
The loan request will be reviewed at the MEDC’s loan and finance committee meeting today. The organization provides low-interest loans to support economic development in the city.
The company has increased its expansion plans from 50,000 square feet to 102,000 square feet. It still plans to add 125 jobs over the next five years, said Terry Tuttle, vice president of sales and marketing.
“We were very conservative in our initial projections and our sales above plan are driving the growth,” she said.
The total expansion project cost is $18.5 million, Tuttle said. HellermannTyton received a $2.75 million loan from the MEDC to finance the purchase of the 92,000-square-foot building in July 2012. It invested $6.7 million in the building, renovations and new equipment.
HellermannTyton, which has its North American headquarters at 7930 N. Faulkner Road, also has a third facility at 8475 N. 87th St. It has 153 employees at the Good Hope Road plant, 200 at the Faulkner Road facility and about 55 at its 87th Street offices.
The expansion will consolidate molding operations and allow the company to meet its projected growth needs in the next several years. Moving some molding work from its Faulkner Road headquarters will allow HellermannTyton to add a technical center for research and development and expand its mold manufacturing department and quality assurance lab at the headquarters.
HellermannTyton is in 34 countries and has 3,200 employees worldwide. There are about 600 HellermannTyton North America employees.
The company manufactures high performance cable management solutions used for fastening, identifying, protecting, organizing, routing and connecting components in the electrical, automotive and datacom markets.
