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Canadian manufacturer expands into St Albans

first_imgSource: Governor’s office, April 22, 2009 Governor Jim Douglas has welcomed a Quebec-based transformer manufacturer opening a factory in Vermont. The firm estimates it will create 16 jobs this year and up to 43 workers by the end of 2011. In a ceremony at the company s new facility in the St Albans Industrial Park, the governor introduced BEMAG Transformers, Inc and celebrated the company s selection of Vermont for their expansion project. The state used $267,569 in incentives to lure the Canadian firm to Vermont, as well as $106,000 for training, and VEDA financing of $718,000. It is gratifying to see a world-class manufacturer appreciate the value of locating in Vermont, particularly one from our largest trading partner, Douglas said. This is another example of our state competing successfully for the jobs of the 21st century, and we look forward to helping Vermont Transformers grow and prosper here.BEMAG Transformers manufactures dry-type electrical transformers at a facility in Farnham, Quebec, but was nearing production capacity at that plant as it moved forward with plans to expand its share of the North American transformer market. As part of our due diligence, we explored potential expansion in Farnham; investigated locations in western Canada; and spoke with officials in New York, said Christian Roberge, Vice President and CFO of BEMAG Transformers. But the job creation and workforce training incentives Vermont offered helped seal the deal, Roberge said. Our new company, Vermont Transformers, Inc. will allow us to significantly expand our Canadian market share and to bring our quality products into the billion-dollar U.S. market.Vermont economic development officials began working with BEMAG in the fall of 2008.  After several meetings in Vermont and Quebec, an incentive package including Green VEGI incentives totaling $267,569 and $106,000 in employee and manufacturing efficiency training from the Vermont Training Program were approved. The Vermont Economic Development Authority (VEDA) also approved $718,000 in financing assistance.BEMAG has established a U.S. entity called Vermont Transformers, Inc. which will lease the 23,000 square-foot former Vestshell building with the option to purchase in the near future.The new facility will employ innovative manufacturing practices and equipment developed and built in-house by BEMAG engineers, enabling greater efficiency and reliability.  Several million dollars will be invested in facility fit-up and machinery and equipment, and operations will begin with a single shift and the possibility of expanding to multiple shifts once production ramps up.Under reforms proposed by Governor Douglas in 2006 and passed by the General Assembly, the VEGI economic incentives are authorized based on job creation and capital investments that must occur before the company earns the incentives and then the company receives incentive installments over a period of years.Vermont Transformers is eligible to earn a maximum of $267,569 in job creation incentives over three years only if they meet and maintain payroll, employment and capital investment targets each year. The incentives would then be paid out over a total of seven years, if the jobs are maintained.The Vermont Economic Progress Council approved the application late last month after reviewing nine program guidelines and applying a rigorous cost-benefit analysis which showed that because of the economic activity that will be generated by this project, even after payment of the incentives the State will realize a positive net increase in tax revenues over five years.The Council also determined that these projects would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the Governor that considers applications to the state s economic incentive programs.The Council is attached to the Vermont Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities.For more information, visit:www.thinkvermont.com/vepc(link is external)Or:www.vermonttransformer.com(link is external) ###last_img read more

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