Weidmann Electrical Technology, Inc. is the global leader in electrical insulation for transformer manufacturers and users. The company has more than 30 locations and 3,600 employees worldwide. The St. Johnsbury Weidmann location is the leading location in North America, and one of the town’s largest employers, but needed to remain competitive within the corporate structure.
The company was faced with an important decision: replace the drying section of the board-making process that was built in 1955 or let the St. Johnsbury location come to a point of extinction. The $15 million investment was part of a greater $40 million project, and the livelihood of nearly 300 locals at-risk of losing their jobs.
The NCIC team recognized the importance of saving hundreds of jobs in the region and knew their expertise in lending and financing could get the multi-million dollar project underway. NCIC stepped in and introduced the potential of New Market Tax Credits, which could allow Weidmann to continue to thrive in St. Johnsbury.
With a short time frame to create a plan and find financing, NCIC immediately began to walk Weidmann through the process to finance the project. Along with the New Market Tax and state credits, NCIC also became a partner in owning the new investment. Through the partnership, NCIC is receiving a multi-year investment in its technical assistance programs for our small business borrowers.
“We’ve been working together for nearly two years, and from the start I have valued our relationship with NCIC,” said John Goodrich, VP of Operations in the Americas and is responsible for the St. Johnsbury Weidmann facility. “NCIC has worked with us every step to ensure we continue to be a leading employer in the area. They are dedicated to seeing us succeed.”
Fast forward nearly a year, and the Weidmann project is well underway, thanks to NCIC. The gigantic press, the necessary new machine, was shipped in a number of sections and continues to be assembled on site in the 36,000 square foot area. Through Weidmann and NCIC’s collaboration, 280 jobs have been secured for the region.
“The fact that NCIC saw how important we are to the livelihood of the region and chose to invest in us is huge,” said Goodrich. “Their confidence in us speaks directly to their expertise and care when it comes to supporting businesses and helping move them forward.”
For a more in-depth look at the project enjoy this video documenting the project.
To learn more about Weidmann Electrical Technology, visit their website.