WI: Toledo Molding & Die to Invest $14M+, Hire 118 to Open Beloit Operation
28 Sep, 2016
Toledo Molding & Die Inc. (TMD), a global supplier of interior and air/fluid management systems to the automotive industry, is establishing operations in Beloit – a project expected to create 118 new jobs.
The company’s first Wisconsin plant will be located at the Wisconsin Stateline Industrial Park, where it will manufacture molded automotive parts for Jeep Cherokees that will be produced at the Fiat Chrysler Automotive plant in Belvidere, Ill., in early 2017. TMD, which is investing more than $14 million in the project, will occupy a 105,000-square-foot industrial building at the industrial park.
“TMD had several location options in northern Illinois as well as Wisconsin, and I’m pleased that the company will soon be a part of the Rock County business community,” said Governor Scott Walker. “More and more companies are realizing that the state’s pro-business climate, skilled workforce and world-class education system make Wisconsin an ideal location to expand or relocate.”
“TMD is excited to partner with the great state of Wisconsin and the outstanding people of Beloit and Rock County as we expand our operations in support of Fiat Chrysler’s Jeep Cherokee program,” said TMD President Steve Ciucci. “TMD selected Beloit because of its proximity to our customer, the availability and quality of the workforce, the high quality of life the region offers our employees, and the pro-business environment in the state. We look forward to a successful startup, and a long and mutually beneficial relationship with the state of Wisconsin and the Beloit/Rock County community.”
To help secure the project, the Wisconsin Economic Development Corporation (WEDC) is providing the company with up to $750,000 in business development tax credits over the next three years. The actual amount of credits the company will receive is contingent upon the number of jobs created over that time.
Local economic development officials praised the company’s decision to establish operations in Rock County.
"Plastics manufacturing is a key industry driver for both Wisconsin, as well as the Janesville-Beloit area, and we look forward to adding TMD’s project to the growing list of firms that are investing in our market,” said Rock County Economic Development Manager James Otterstein.
“TMD will be a very welcome addition to the Greater Beloit business community and we appreciate their commitment to making a significant investment in our community and for offering new job opportunities,” said Andrew Janke, Executive Director of the Greater Beloit Economic Development Corporation.
In addition to the 118 jobs expected to be created by TMD, an economic modeling study estimates the project could indirectly generate 43 additional jobs in the region. Those 161 new jobs are expected to generate $2.1 million in state income tax revenue over a five-year period.
TMD was founded in 1955 as a model and pattern shop in Toledo, Ohio. The company began supplying the automotive industry in 1968 and has grown into a global full-service supplier of interior and air/fluid management systems for more than 20 international automotive customers. The company, which is based in Toledo, has operations in Ohio, Tennessee, Michigan, North Carolina and Mexico.
About the Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive economy. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network. Visit www.inwisconsin.com or follow WEDC on Twitter @_InWisconsin to learn more.