Cinnaire has announced an $11 million New Markets Tax Credit investment in the Wisconsin Aluminum Foundry (WAF), a longstanding employer in Manitowoc providing aluminum- and copper-based alloy castings for a wide range of industries.
This investment doubles down on Cinnaire’s commitment to transform communities through capital investments and development solutions, keeping the manufacturing heartbeat of Manitowoc beating.
Thanks to the $11 million in New Markets Tax Credits (NMTC) by Cinnaire, the Foundry will be able to expand with more manufacturing and office square footage. Best of all, with the expansion comes 80 new jobs. Manufacturing is the heartbeat of Manitowoc, accounting for nearly 30% of the county’s total employment, according to the state’s department of workforce development.
The 50,000-square foot foundry construction and 12,000 square feet of renovated office space will meet two documented local needs, including the creation of entry-level and living wage jobs with supportive services for low-income individuals and a growing demand for nonferrous metal foundry products manufacturing utilizing advanced processes.
WAF CEO Sachin Shivaram said as a century-old family-owned company, the WAF cares deeply about the well-being of its employees and that’s evidenced by the company’s strong compensation, good benefits, and job security. This investment will only bolster that commitment.
“We see how high-quality employment like what we offer can transform lives and we make extra effort to ensure that our jobs are accessible to people of all types and backgrounds,” Shivaram said. “NMTCs will play a huge role in helping us continue to be the type of employer that our community has relied on: One that offers high-quality employment and goes the extra mile to help make these great jobs accessible to low-income individuals.”
“Cinnaire is committed to working alongside mission-driven partners who share our vision for creating pathways for individuals with limited financial resources to attain upward economic mobility,” said Peter Giles, Cinnaire’s SVP – public funding. “Wisconsin Aluminum Foundry prioritizes a people-first culture and is guided by their deep commitment to creating an environment which assists people in growing and contributing. The expansion of the Foundry demonstrates how the NMTC program serves as a driving force creating jobs and building brighter futures through economic empowerment.” Giles noted while the two companies operate in different spaces, the cultures of WAF and Cinnaire have many similarities.
“First there is the excellence in our products, but also a strong emphasis on our people growing and flourishing within both organizations,” Giles said. “It’s easy to get behind that people-first culture because we also celebrate that here at Cinnaire.”
The WAF project will be completed in two phases — the industrial component, which is new construction, will finish in March while the office remodel will finish in October 2024.