What's Happening?
Milwaukee Tool is set to invest $42 million in expanding its facility in Menomonee Falls, Wisconsin. This expansion is expected to create approximately 300 jobs over the next several years. The Wisconsin Economic Development Corporation (WEDC) will support the project with up to $4.5 million in performance-based funding. Milwaukee Tool has a longstanding partnership with WEDC, which includes over $75 million in Enterprise Zone tax credits. Since 2016, Milwaukee Tool has invested more than $420 million in capital expenditures and expanded its workforce in Wisconsin from 900 employees to over 4,000. The company, founded in Milwaukee in 1924, specializes in cordless power tools and other job site solutions for the construction trades worldwide.
Why It's Important?
The expansion of Milwaukee Tool's facility in Wisconsin is significant for the local economy, as it promises to create hundreds of new jobs and further stimulate economic growth in the region. The investment reflects the company's commitment to enhancing its manufacturing capabilities and workforce in Wisconsin, which is crucial for maintaining its competitive edge in the global market. The support from WEDC underscores the importance of public-private partnerships in fostering economic development and job creation. This expansion also highlights the growing demand for advanced manufacturing and research capabilities in the construction industry.
What's Next?
Milwaukee Tool will continue to develop its advanced research and manufacturing operations across several locations in Wisconsin, including Brookfield, Milwaukee, Menomonee Falls, West Bend, Mukwonago, and Sun Prairie. The company is expected to leverage its expanded workforce and facilities to enhance its product offerings and market reach. As the expansion progresses, stakeholders such as local government and community leaders will likely monitor its impact on job creation and economic growth in the region.
