Cinnaire, a non-profit organization in Madison, Wisconsin, 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.
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The $11 million in New Markets Tax Credits (NMTC) by Cinnaire will allow the Foundry to add manufacturing and office square footage and create 80 jobs. Manufacturing accounts for nearly 30% of Manitowoc 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 non-ferrous metal foundry products manufacturing utilizing advanced processes.
WAF’s expansion 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.