Gov. Rick Perry announced the state will invest $300,000 through the Texas Enterprise Fund (TEF) in SIPCO for the opening of a manufacturing facility in Cuero. The investment will create more than 100 jobs for Texans and more than $6 million in capital investment for this rural community.
“Job creation is our number one goal in Texas, and we work hard to preserve an economic climate where innovation is rewarded, and employers have the best chance to succeed,” Gov. Perry said. “The Enterprise Fund was created for this very purpose, to close deals that bring jobs to our state, and the latest employer to take advantage of our state’s favorable business climate and the Texas Enterprise Fund is SIPCO, one of the nation’s top producers of industrial power transmission products. This new facility will create more than 100 new jobs for Texans and bring in more than $6 million in capital investment.”
SIPCO produces high-precision gear products for motion control, power transmission equipment and hydraulic systems, specializing in custom engineered products and high-volume production. Their products are used in many industries, including energy (wind, solar, and oilfield), robotics, packaging, printing, energy and material handling. SIPCO’s current focus is to increase its production capacity while to reducing their dependence on foreign suppliers through the development of this manufacturing facility.
“When looking to expand and implement our manufacturing component, SIPCO looked for a community with access to a wealth of resources essential in attaining our goals of providing customers with a quality stream of supply. In doing so we found the City of Cuero in Dewitt County whose populace is diverse, talented and resourceful,” SIPCO Mechanical Linkage Solutions CEO Raul A. Martinez said. “The Texas Enterprise Fund played a significant role and was a determining factor in our decision to locate our manufacturing expansion to Texas. We are extremely excited to have the active participation of Governor Rick Perry’s office, and the City of Cuero in SIPCO’s growth strategy.”
“The City of Cuero welcomes SIPCO-MLS and their expansion to our community,” Cuero Mayor Randy Saenz said. “By utilizing programs such as the Texas Enterprise Fund we were able to assist SIPCO-MLS in expanding their operations in Texas.”
At Gov. Perry’s request, the legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007 and 2009 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state’s most competitive tools to recruit and bolster business. To date, the TEF has invested more than $388.6 million and closed the deal on projects generating nearly 52,000 new jobs and more than $14.3 billion in capital investment in the state.
For more information about the TEF, please visit: http://www.texaswideopenforbusiness.com/financial-resources/texas-enterprise-fund.html