WI: Governor Doyle Announces $600,000 for Engineered Propulsion Systems
17 Nov, 2010
Project Will Create up to 127 Jobs
Governor Jim Doyle recently announced $600,000 in assistance for Engineered Propulsion Systems to create up to 127 jobs through its development of an innovative aircraft engine. The $600,000 loan is from the state's Community Development Block Grant-Economic Development Program. Commerce Executive Assistant Darin Bielecki made the announcement in New Richmond on behalf of the Governor.
"Wisconsin has the highest-skilled workers and the highest-quality manufacturers in the world," Governor Doyle said. "My top priority this year has been to continue to invest in our companies and create good paying jobs for Wisconsin families. I'm proud we are investing in Engineered Propulsion Systems' efforts to develop innovative engines and create good jobs in New Richmond."
"We are fortunate to be in the position to bring high-technology engineering and manufacturing jobs to the New Richmond area," said Steve Weinzierl, Vice President of Engineered Propulsion Systems, Inc. "It is inspirational to see a group of our citizens get together and take action to help our local economy and expand our operations so that customers can access export markets world-wide."
The state loan will support Engineered Propulsion Systems' efforts to develop and manufacture innovative, fuel-efficient diesel aircraft engines for general aviation and helicopter companies. The company has acquired patents to develop a diesel aircraft engine that does not require leaded fuel. Engineered Propulsion Systems, which was established in 2006, will invest a total of $41.7 million in the project. The company will use the $600,000 state loan to complete its engine development work.
This project builds on Governor Doyle's efforts to position Wisconsin for future growth. Since taking office in 2003, Governor Doyle has worked aggressively to create and retain jobs in Wisconsin. Governor Doyle's budget last year created some of the strongest economic development tools in the nation to help businesses create jobs and get people back to work. Wisconsin now has powerful new tax credits to help manufacturers create and retain jobs, new tools to help investors create start-ups, and new incentives to spur research and development.