International Mold and Production LLC (IMAP), a 3-D printing and injection molding company based in Illinois, will relocate its operations to Kenosha primarily because of Foxconn Technology Group.
IMAP plans to invest $1.5 million in a new headquarters in Kenosha that will create 25 jobs, according to a news release Friday from Wisconsin Gov. Scott Walker's office. The Wisconsin Economic Development Corp. will reportedly provide IMAP with up to $110,000 in state income tax credits in the next three years, contingent on the number of jobs the company creates.
“We appreciate this award from Governor Walker and WEDC as we have made a commitment to invest in the Kenosha area and be a part of the state’s continued job growth,” said Len Koren, who founded IMAP in 2003.
Walker specifically mentioned Indiana, Michigan and Mexico as places Grayslake, Ill.-based IMAP turned incentive offers down from in order to move to Wisconsin.
“I am looking forward to seeing the company continue to grow here because of our strong business climate and outstanding workforce," Walker said. "Small companies like IMAP are the backbone of Wisconsin’s economy because they create family sustaining jobs. It’s imperative that we continue to provide them with the support they need to compete in the global marketplace."
According to the release, Koren said Foxconn arriving in nearby Mount Pleasant was a primary factor in the company's decision.
"We eventually hope to supply Foxconn as well as tier-one automotive companies after we receive ISO certification,” Koren said.
The release adds that in addition to the new headquarters, the company "hopes to move" some contracted work from China to Wisconsin. Area economic officials lent their voices of approval to the release as well.
“The manufacturing assets in this region will provide a strong foundation for IMAP to continue to realize their exciting growth opportunities and potential,” said Logan Dawson, director of the Milwaukee 7 economic development group.
Heather Wessling, vice president of economic development for the Kenosha Area Business Alliance, added that IMAP is a "forward-thinking company" that "is the type of company Kenosha County is excited to welcome to the community and support going forward."
By Patrick Leary – Reporter, Milwaukee Business Journal
Feb 16, 2018, 12:12pm
ENJEN.US is committed to sharing news surrounding the use of government incentives for growth responsibly.
Other News in Incentives