- Project Sponsor: Weidmann Technology
- Investment: $10 million
- Location: St. Johnsbury
- Manufacturer re-tool and expansion
Vermont Rural Ventures partnered with National Development Council and Massachusetts Housing Investment Corporation to provide a total of $34.55 million in New Markets Tax Credit authority for the expansion of a Vermont manufacturer.
Gap and Investment
Weidmann Electrical Technology, Inc. needed to upgrade equipment used in its drying process in order to stay competitive and remain in Vermont. NMTC financing through Vermont Rural Ventures, National Development Council, and Massachusetts Housing Investment Corporation afforded the company the ability to construct an addition, purchase and install an 800-ton hot press machine – all the while remain a significant employer in Vermont’s Northeast Kingdom.
Weidmann is a global leader in the design, manufacture and supply of electrical insulation for oil-filled transformers of all voltage ranges. The product produced in the St. Johnsbury plant is present in roughly 75% of all power transformers in North America.
Keeping the area employer at its capacity and employment levels while remaining competitive in its industry was essential to the Northeast Kingdom region of Vermont. The savings afforded by this investment helped the company improve production efficiency, meet increasing product quality standards, maintain and grow its St. Johnsbury workforce.
In addition, a portion of the investment was provided to Northern Community Investment Corporation to establish a screening and training program for machine shop operation and other services to support innovation and job growth in the region.
Vermont Rural Ventures: Nancy Owens and Glenn Von Bernewitz
Business: Weidmann Electrical Technology, Inc.
Legal: Edwards Angell Palmer & Dodge, Burak Anderson & Melloni, PLC, Downs Rachlin Martin PLLC, Nolan Sheehan Patten LLP, Law Office of Mark Foster, Zuccaro & Willis, P.C.
Accounting: CohnReznick LLP
Architect: Hill-Engineers, Architects, Planners, Inc.
Contractor: Pizzagalli Construction Company
National Development Council
Massachusetts Housing Investment Corporation
Northern Community Investment Corporation
Vermont Economic Development Authority