State to provide tax credits for Bucyrus expansion

Gov. Jim Doyle on Tuesday announced $20 million in state tax credits for Bucyrus International Inc. to consolidate and expand their operations and create 515 jobs in Wisconsin.
Doyle made the announcement with Bucyrus president and chief executive officer Tim Sullivan today at the company’s new corporate headquarters in Oak Creek, where Bucyrus is expanding after acquiring the former headquarters of Midwest Airlines. Earlier this year Bucyrus purchased the 120,833-square-foot, two-building, former Midwest Airlines corporate headquarters at 6744 S. Howell Ave. from Lake Forest, Ill.-based Westminster Funds for $9 million, about $74.48 per square foot.
Bucyrus is investing $44 million for the project, including $5 million for worker training and $39 million in capital investment to rehabilitate the former Midwest Airlines headquarters.
“I am happy to announce the state will provide $20 million in Enterprise Zone tax credits to support the expansion of Bucyrus and the creation of 515 jobs in the Milwaukee area,” Doyle said. “Since the national economic crisis began, we have used these new tax credits and incentives to help retain and attract companies across the state – from Republic Airways to Mercury Marine to Harley-Davidson.  And today, we are using these new tax credits to help Bucyrus create jobs in Wisconsin.”
The state has designated the area as one of 12 Enterprise Zones.
Last week, the U.S. Export-Import Bank granted final approval of a $917 million finance guarantee for equipment from Bucyrus and other U.S. vendors to be provided for a power plant project in India. Bucyrus and the other U.S. vendors will sell mining and associated equipment to Sasan Power Ltd. for a 3,960-megawatt coal-fired power plant project in Madhya Pradesh, India. According to the Metropolitan Milwaukee Association of Commerce (MMAC), the project will support approximately 1,000 jobs at Bucyrus and its suppliers throughout the United States.