This video describes the significance and importance of this project to the 300 plus employees.
Weidmann is a multinational manufacturer serving the electric transformer industry with insulating material.
The St Johnsbury operation is the leading producer in the Americas, however its base technology was aging and had to be replaced. The parent company was unwilling to make that investment here due to the location’s high tax structure. The jobs would eventually fade away if Weidmann could not find a solution.
NCIC learned of their plight and visited management. They heard about New Markets Tax Credits before but NCIC demonstrated how they might work and presented rough numbers that were very encouraging to management. So a more detailed analysis was made. Ultimately, Weidmann and NCIC formed the Weidmann NCIC Board Company who owned and operated the project. This afforded the maximum opportunity for Weidmann and the project was approved.
Construction took about 18 months, but today the St Johnsbury VT operation has the industry’s most advanced, state-of-the-art processing capabilities.
“NCIC’s participation in our $40 million project enabled WEIDMANN to gain financing and federal tax credits so crucial to our cost of doing business. Without our now completed and successful project, we would have eventually withdrawn from St. Johnsbury and Vermont.”- John Goodrich, Vice President, Production – Americas