Reich Tool & Design Inc. of Menomonee Falls will receive $6 million in Industrial Revenue Bond (IRB) allocations from the Wisconsin Department of Commerce to help the company expand and create jobs.
Founded in 1965 by Fred Reich, the company builds and repairs progressive metal stamping dies and tools, and specializes in metal wiring, drilling, heat treating and cutting.
The state funding, which was presented Tuesday by Gov. Jim Doyle, will help support the construction of a 52,000 square-foot facility on a 44-acre site in the Silver Spring Technology Park in Menomonee Falls, including 42,500 square-feet of manufacturing space.
"Reich Tool & Design is competing globally against low-wage countries," said Fritz Reich, president of Reich Tool. "Our new facility has been designed using input from all of our employees to create a world class competitive company using Lean Manufacturing principles. Reich Tool appreciates the assistance from the state and village securing the IRB loan to make this transition a reality."
IRB allocations are bonds free of federal tax issued by local governments, with proceeds loaned to new or expanding businesses for development projects. The interest rate is generally below the going prime rate.
For more information about the Department of Commerce programs and services, visit www.commerce.wi.gov/MT/MT-FAX-0901.html.
Menomonee Falls manufacturer to expand
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