MILWAUKEE, Wis., Jan. 30, 2018 (GLOBE NEWSWIRE) -- With a planned total investment of $32MM, Milwaukee Tool is proposing another major expansion at their global new product development center in Brookfield, WI. A 114,500 square foot, multi-story building would be built on an existing 3.5 acre lot owned by Milwaukee Tool, bringing their global headquarter space from 190,000 square feet, originally, to a proposed total of 504,500 square feet.
Over the last several years, Milwaukee Tool has experienced rapid growth, expanding employment at its Brookfield campus from just over 300 jobs in 2011 to almost 1,300 this year. This expansion would lead to the creation of 350 additional new jobs in the next 5 years, with an average annual salary of $75,000.
“We must grow or die. We are committed to delivering a world-class work environment to attract, retain, and recruit the best talent in the world.” said Steve Richman, Milwaukee Tool Group President. “This investment is necessary for Milwaukee Tool to continue to deliver disruptive innovation and deliver on our commitment to users and distribution partners in driving productivity on the jobsite.”
Milwaukee Tool is working with the City of Brookfield, Milwaukee 7, Wisconsin Economic Development Corporation, and Waukesha County Center for Growth officials on the proposed expansion. The City of Brookfield is proposing a Tax Increment Financing (TIF) district which would provide $3.5 million in TIF assistance to project costs estimated at over $32 million. The Wisconsin Economic Development Corporation is also working with Milwaukee® on possible incentives for the project. Milwaukee® is exploring other options for the needed office space to facilitate its continued growth, but would prefer to keep all of its product research, design and development within the campus.
About Milwaukee Tool
Milwaukee Tool, founded in 1924, is a global leader in delivering innovative solutions to the professional construction trades that offer increased productivity and unmatched durability. Whether it is through their world-leading M12™ and M18™ cordless systems, the ground-breaking performance of their M12 and M18 FUEL™ products, time-saving accessories, or innovative hand tool products, Milwaukee is dedicated to delivering a steady stream of advanced, trade-specific solutions. Milwaukee Tool is a Brookfield, Wisconsin-based subsidiary of Techtronic Industries Co. Ltd. (TTI) (HKEx stock code: 669, ADR symbol: TTNDY). For more information on the full line of Milwaukee® products, please call 1-800-SAWDUST or visit www.milwaukeetool.com.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b7120e37-1cfe-4be0-b28d-5544a75bba81
Heather McGee Milwaukee Tool 262-790-6655 firstname.lastname@example.org