Cinnaire made an $11 million New Markets Tax Credit investment in the Wisconsin Aluminum Foundry (WAF), a long-standing employer in Manitowoc, Wisconsin, 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 percent 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.
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.
