Cinnaire, a non-profit organisation located in Madison, Wisconsin, announced a $11 million New Markets Tax Credit investment in the Wisconsin Aluminium Foundry (WAF), a long-standing Manitowoc company that produces aluminium and copper-based alloy castings for a variety of industries.
Cinnaire’s $11 million in New Markets Tax Credits (NMTC) will allow the Foundry to expand manufacturing and office space and generate 80 employees. According to the state’s Department of Workforce Development, manufacturing employs roughly 30% of Manitowoc County’s entire workforce.
The 50,000-square-foot foundry and 12,000-square-foot renovated office space will address two documented local needs: the creation of entry-level and living wage jobs with supportive services for low-income individuals, as well as a growing demand for non-ferrous metal foundry products manufactured using advanced processes.
The WAF extension project will be finished in two phases: the industrial component, which will be new construction, will be completed in March, and the office makeover will be completed in October 2024.
