Source: 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) ###
“I’m the proudest man on the planet. I am going to have a lot of beers,” said French captain Julien Benneteau.“I’m so proud of my girls and my team. They deserve it because they fought for a long time for this title.”Mladenovic and Garcia embraced on the floor on the baseline after the winning point, with their team racing to pile on top of them as France won the Fed Cup for a third time.“I’m not sure I’ve completely realised, because it’s been a crazy weekend for everyone,” Garcia said. “The doubles went very fast, but we played every point so focused, and we played a great match and it was very tense.”Australia have now lost the last nine Fed Cup finals they have played in.The final marked the last Fed Cup played under the current format, with an overhaul next year seeing 12 nations compete in a six-day event in Budapest.That will mean an end to home ties and the atmosphere they bring, with the 26,951 fans turning up over two days in Perth the second-highest Fed Cup attendance on record after Roland Garros (30,000) in 2005.Meanwhile, Novak Djokovic made a winning start at the ATP Finals as he chases a record-equalling sixth title that will see him return to world number one.The Serb was imperious, beating Italian eighth seed Matteo Berrettini 6-2 6-1.World number two Djokovic can overtake Rafael Nadal to become year-end number one this week in London but must reach the final to stand a chance.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram France won the deciding doubles rubber to claim a first Fed Cup title since 2003 in Perth, Australia.Kristina Mladenovic and Caroline Garcia beat Ashleigh Barty and Samantha Stosur 6-4 6-3 to seal a 3-2 victory, denying Australia a first Fed Cup in 45 years.Earlier, Mladenovic defeated Barty in the singles but Ajla Tomljanovic beat Pauline Parmentier to level.