PB Community Impact Fund provided $13 million of New Markets Tax Credit (“NMTC”) allocation to Milwaukee Electric Tool Corporation to finance the purchase of new, state-of-the-art equipment and the renovation of the Company’s 200,000 square foot facility located within a severely distressed rural census tract in Greenwood, MS. 

 

The project was needed to optimize production by upgrading the outdated features of the facility and to purchase the innovative equipment needed to expand the facility’s manufacturing capabilities. The Project will support Milwaukee Tool’s growing Holesaw manufacturing sector and enhance production efficiencies to meet growing demand, modernize facility operations, and accommodate growth into new territories. Overall, the investment is expected to double the number of Holesaws that Milwaukee Tool can manufacture annually.

 

The Project has received support from leaders at the state and local level. Mississippi Governor Tate Reeves stated “When an industry leader such as Milwaukee Tool chooses to grow its footprint in Mississippi by building a new manufacturing facility- in addition to its existing facilities- it sends a strong message to the world that we take business seriously and work hard to ensure companies’ long-term success in our state.” Further, the Project has also received support from the Mississippi Development Authority, Delta Council Development Department, Tallahatchie Valley Electric Power Association, and Greater Grenada Foundation for Economic Development.

 

100% of the newly created and retained positions will have access to a benefit package that includes including health and dental insurance; access to on-site wellness clinic; paid sick and vacation days; paid maternity/paternity leave; ST/LT disability insurance; life Insurance, access to a retirement savings plan; training for career advancement; and tuition assistance.

 

Further, Milwaukee Tool will partner with EMI Staffing, the Mississippi Department of Employment Security, and Mississippi Delta Community College to hire local residents for available positions.