A West Allis-based construction and power tools wholesaler is planning to relocate to the far northwest side of Milwaukee.
[caption id="attachment_316729" align="alignright" width="396"] Ugo Nwagbaraocha, Diamond Discs International president[/caption]
Diamond Discs International, lnc., is seeking a $534,000 loan from the Milwaukee Economic Development Committee to purchase a 21,366-square-foot building located at 9300 W. Heather Ave., for its growing company.
Diamond Discs is currently located at 8530 W. National Ave. in West Allis.
The company plans to buy the Heather Avenue building for $1.15 million and is planning $150,000 in renovations, according to documents submitted to MEDC.
Diamond Discs was founded in 2007, and had a projected revenue of $5 million in 2016.
Company president Ugo Nwagbaraocha could not immediately be reached for comment.
The company was honored last year by the Metropolitan Milwaukee Association of Commerce as a “Future 50” company. At that time, Nwagbaraocha said record growth was prompting Diamond Discs to look for real estate in the Greater Milwaukee area.
“Our strategic goal is to directly or indirectly create at least 20 to 30 new employment opportunities in the greater Milwaukee area over the next two to three years after the acquisition of a new headquarters,” Nwagbaraocha said during that interview.
The company has 9 employees and plans to add another 20 over the next two years, according to MEDC documents.
The MEDC’s Loan and Finance Committee will review the company's loan request on Tuesday.