Award supports Pratt Industries new facility and 140 new jobs
Date sent: March 27, 2017
Governor Scott Walker announced today that the city of Beloit also received a Transportation Economic Assistance (TEA) grant for road improvements in the Beloit Gateway Business Park which supported the establishment of the new Pratt Industries facility. A celebration was held this week to celebrate the opening of this new Beloit factory.
A $700,000 TEA grant was used to reconstruct Colley Road east of Gateway Boulevard. Improvements also included adding signals and turn lanes at the corner of Colley Road and Gateway Boulevard to accommodate the increase in automobile and truck traffic that is expected to occur as a result of Pratt Industries’ new facility at that location.
Pratt Industries is the world’s largest, privately-held 100% recycled paper and packaging company and is the fifth-largest corrugated packaging company in the United States. Pratt Industries selected Beloit for its Midwest expansion project and intends to invest $52 million in the new site, which includes buildings, machinery and equipment. The company expects to create 140 new jobs when the plant reaches its full capacity.
The transportation improvement project was estimated to cost approximately $1.6 million. The WisDOT TEA grant covered 50 percent of the eligible costs of the construction project, with a cap of $700,000.
The Wisconsin Economic Development Corporation (WEDC) also supported the project by awarding Pratt Industries a $1.75 million loan and up to $2.4 million in state tax credits. The actual amount of tax credits the company receives will be contingent upon the number of jobs created and retained by the company.
The TEA grant program began in 1987. Through December 2015, Wisconsin’s TEA grant program has invested over $99 million in 350 projects, helping to create or retain more than 38,000 jobs around the state. For a complete listing of TEA grants and project details, visit:
For more information, contact:
Director, Bureau of Planning and Economic Development
(608) 286-8066, Donna.BrownMartin@dot.wi.gov
Bureau of Planning and Economic Development
(608) 264-6671, Tonia.Rice@dot.wi.gov