KANSAS CITY, Missouri - Milbank Manufacturing will make a capital investment of $2.7 million to add new production lines in a renewable energy arena, and hire 57 new employees for the new product lines.
"The new investment and significant job creation by this innovative, homegrown Missouri company is excellent news for the Kansas City economy," Gov. Jay Nixon said in a news release. "We will continue to fight every single day, for every single job, to keep our economy moving. Adding 57 solid, high-paying jobs to the local economy and manufacturing sector is a significant step forward."
Milbank Manufacturing was established in 1927 as a producer of high voltage switches. The company provides wholesale electrical distributors with a variety of electrical products for the utility, contractor, industrial and original equipment manufacturer markets. Milbank produces more than 10,000 different items, including residential and commercial meter sockets and pedestals; RV and mobile home power outlets; commercial electrical enclosures; circuit breakers; disconnects and safety switches; and safety sockets.
In 2009, Milbank entered the renewable energy market, marketing and selling its new PowerGen products for use in the commercial, industrial and residential wind turbine industry. The new emphasis has prompted a significant increase in demand for Milbank's products.
As a result, the company is adding new products lines in the renewable arena, including wind, solar, hydro, generators and power management, while hiring 57 new employees for the new product lines as well as sales and management positions. Milbank also plans to purchase new equipment and machinery during its expansion.
To help Milbank move ahead with its expansion plans, the state of Missouri authorized an economic incentive package worth $207,000. The company can redeem the incentives over the next five years provided it meets the requirements of each program.
The state of Missouri's current unemployment rate is at its lowest figure in more than 28 months at 8.8 percent. Missouri's international exports are also up by 18 percent thus far in 2011, after increasing by an impressive 35 percent during 2010.
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