Cinnaire's $11 million grant secures Wisconsin Aluminium Foundry Manitowoc expansion project

Cinnaire, a Lansing, Michigan-based organization with a strong community focus, has recently awarded an $11 million New Markets Tax Credit (NMTC) investment to Wisconsin Aluminium Foundry (WAF).

The substantial grant from a community-focused investor and a non-governmental organization (NGO) is set to ensure the successful completion of WAF's expansion project in Manitowoc, Wisconsin. WAF, known for its production of aluminium and red metal castings, will utilize the grant to enhance its capacity to produce a variety of aluminium- and copper-based alloy castings for diverse industries. It's worth noting that this grant has come to fruition approximately one year after WAF's initial announcement of its expansion plans in Manitowoc.

The $11 million New Markets Tax Credit (NMTC) will provide essential support to WAF as it embarks on its mission to construct a 50,000-square-foot foundry facility and renovate 12,000 square feet of office space. This initiative aims to address the increasing need for advanced nonferrous metal foundry products through innovative manufacturing processes, as emphasized by Cinnaire.

Sachin Shivaram, the CEO of WAF, said, “We see how high-quality employment like what we offer can transform lives, and we make an extra effort to ensure that our jobs are accessible to people of all types and backgrounds. NMTCs will play a huge role in helping us continue to be the type of employer that our community has relied on: One that offers high-quality employment and goes the extra mile to help make these great jobs accessible to low-income individuals.”

Shivaram considers WAF as a longstanding, family-owned enterprise with a profound commitment to the welfare of its workforce. This commitment is tangible through the company's robust compensation packages, comprehensive benefits, and job stability.

Peter Giles, the Senior Vice President of Public Funding at Cinnaire, said, "Our investment will only bolster that commitment. Cinnaire is committed to working alongside mission-driven partners who share our vision for creating pathways for individuals with limited financial resources to attain upward economic mobility."

 "Wisconsin Aluminum Foundry prioritizes a people-first culture and is guided by their deep commitment to creating an environment which assists people in growing and contributing. The expansion of the foundry demonstrates how the NMTC program serves as a driving force creating jobs and building brighter futures through economic empowerment."