Weidmann Electrical Technology, Inc., a key player in transformer insulation manufacturing, is set to expand its operations in St. Johnsbury, Vermont, backed by $13 million in New Markets Tax Credit (NMTC) funding from Mascoma Community Development (MCD).

The project aims to boost Weidmann's transformer board production capacity and add a finished goods storage facility, creating 67 new jobs and retaining 300 existing ones. This investment addresses rising demand for large power transformer insulation while fostering local economic growth.

MCD's Chief Investment Officer, Michelle LeClair, emphasized the project's community impact, stating, "The expansion supports Weidmann's growth and reinforces their commitment to employee training and career advancement."

Weidmann, a significant employer in the region, has long championed workforce development through partnerships with local colleges and in-house leadership programs. Beyond business, the company has donated over $250,000 to local nonprofits and actively supports community initiatives such as youth STEM education and healthcare improvements.

The project aligns with St. Johnsbury's infrastructure upgrades, including a $12 million water treatment plant renovation, ensuring the town and Weidmann can grow together.

U.S. Bancorp Impact Finance also contributed to the NMTC financing. Senior Vice President Tom Oldenburg highlighted the broader benefits, stating, "This investment fosters job creation and economic development in an underserved community."

In addition, MCD granted $65,000 to the Vermont Community Loan Fund, enabling a workforce housing development in nearby Barnet, Vermont.

Source: vermontbiz.com