Brookfield-based Milwaukee Tool
on Thursday announced plans to create an additional 1,000 jobs in Wisconsin by 2027.
The company said it will invest more than $206 million in the state to expand its existing research and development facilities, address infrastructure needs and provide equipment at its nine locations across the state.
The Wisconsin Economic Development Corp. will assist the company's expansion plans by providing an additional $22.5 million in tax credits, which will increase the state's total investment in the company to $70.5 million. The actual amount of tax credits the company receives will depend on meeting the capital expenditure and job creation goals.
The announcement comes as the company has experienced rapid growth and been in a major expansion mode in recent years in Wisconsin, with significant expansions at its Brookfield headquarters and plans announced in 2019 to create a campus in Menomonee Falls. The company also recently opened an office at the former Assurant building in downtown Milwaukee, where it could eventually have up to 2,000 employees -- there are currently 300 employees moved in.
Gov. Tony Evers and WEDC secretary and CEO Missy Hughes and company officials, today announced the expansion plans at a press conference in Menomonee Falls.
“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,” said Evers. “Through all that time, Milwaukee Tool has never stopped innovating and has never stopped investing in Wisconsin, seeing remarkable growth even in just the last decade. We’re glad to be continuing our investment in them today to not only create good-paying jobs for Wisconsinites but to ensure that growth continues in the years to come.”
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Gov. Tony Evers speaks at Milwaukee Tool's Menomonee Falls location Thursday.[/caption]
Of the 1,000 jobs the company has committed to creating, many will be in engineering and technical roles needed to support the rapidly advancing technologies used in its products.
“Milwaukee Tool’s investment in Wisconsin is creating opportunities not only for the company’s workers but for all the suppliers, construction companies, and others who partner with them,” said Hughes. “The company has deep Wisconsin roots and displays those Badger values in the communities they work in by paying employees fairly and encouraging them to give back through volunteering.”
In 2016 the state created an enterprise zone to support Milwaukee Tool’s expansion in Wisconsin. The latest amendment to the zone will provide up to $70.5 million in state tax credits if the company makes a total capital investment of at least $285 million and creates new full-time jobs in accordance with its Enterprise Zone Tax Credit Agreement requirements by Dec. 31, 2027.
From the creation of the enterprise zone for the company through the end of 2021, Milwaukee Tool has invested more than $233 million in the state and created 2,289 new jobs, according to a press release.
Over the last decade, the company has experienced double-digit growth globally 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’s 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’ve created at our world-class facilities.”
Staviski said Milwaukee Tool will be examining all of their current facilities to identify possible improvements, but no solid project plans are in the works at this time.
“Nothing has been determined yet. We’re always looking at where do we have adjacent (spaces) to those existing facilities to be able to expand, how we can reconfigure an existing facility, how we can make the density higher in those facilities and what’s that renovation cost look like. The last part is where would we do like another green field (development), if we were to, but that’s not currently in the plans,” Staviski said.
He said the numerous expansions Milwaukee Tool has completed over the years are a testament to the company's commitment to Waukesha County and the state. Stavisksi attributed the company's rapid growth to its dedication to creating new technology and its end user verticals.
“With innovative design and products with exceptional performance, Milwaukee Tool is a clear industry leader,” said Gale Klappa, co-chair of Milwaukee 7 and executive chairman of WEC Energy Group. “The company’s extraordinary growth trajectory is creating career opportunities for graduates of our colleges and universities, as well as luring talented people to southeastern Wisconsin from across the world. As Milwaukee Tool applies its technical expertise to new markets and product categories, this remarkable company is well-positioned for continued growth.”