News Column

United States : INGETEAM seeks 5 more years to achieve job targets

June 19, 2014

An equipment maker for the wind and solar energy industries is seeking more time to recruit enough employees in order to avoid paying back a City of Milwaukee loan.

The Common Council sanctioned the $2 million forgivable loan for Ingeteam Inc in 2010. The Spanish firm used the amount to help fund a new facility in the Menomonee Valley Industrial Center.

Ingeteam invested around $15 million in the 114,000-square-foot factory, which makes generators and inverters for the wind and solar power markets.

The conditions of the city loan said the firm would not have to repay the money if it achieves job-creation goals including 275 full-time positions by 2015.

However, according to a new city proposal, due to "the continuing weakness of the economy," Ingeteam might fail to achieve those job targets "as early as originally contemplated."

Hence, Ingeteam has asked for 5 more years to achieve those job targets.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters