Brookfield-based Milwaukee Tool announced Thursday the company plans to move forward with a second major expansion of its headquarters along Lisbon Road after receiving approvals from the city.
The company announced in January it planned to build a $32 million, 114,500-square-foot office building across the street from its main campus. The project is expected to add 350 new jobs in the next five years.
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The project is supported by $3.5 million in tax incremental financing by the city of Brookfield and Milwaukee Tool is still in talks with the Wisconsin Economic Development Corp. for potential state support.
“We are dedicated to driving growth and creating new jobs in Wisconsin and throughout the United States,” said Steve Richman, Milwaukee Tool group president. “We are proud to partner with the City of Brookfield to grow our world-class work environment here in Wisconsin so we can attract, retain, and recruit the best talent in the world. We firmly believe that, through investing in our people, we will continue delivering disruptive innovation and driving productivity on the jobsite for our users and distribution partners.”
This is Milwaukee Tool’s second major expansion of its corporate headquarters in recent years. The company broke ground in early 2016 on a 200,000-square-foot office building that cost $35 million. The project was supported by $18 million in state tax credits and $6 million in tax incremental financing from the city.
A subsidiary of Hong Kong-based Techtronic Industries Inc., Milwaukee Tool has seen sustained growth in recent years driven by the release of high-end cordless power tools and a string of innovative new products. The company is targeting $5 billion in revenue by 2020 after crossing $2 billion for the first time in 2015.
The growth has resulted in increased employment at the Brookfield headquarters for Milwaukee Tool, which had about 300 employees in 2011. There are currently about 1,300 employees working at the campus.