New employees are reporting to work in Caledonia now that the 65,000 square foot addition at Unico is complete.
The jobs are the result of a $10 million investment Unico is making in its Caledonia facility. The addition is complete, and the company is busy moving into its new digs and expanding its workforce, a story in The Journal Times reads.
Originally priced out at $6 million, the expansion is now an estimated investment of $10 million after the cost of equipment is figured in.
The addition essentially doubled Unico’s square footage, and 74 new employees have been hired for a total of 283 full time employees. In exchange for certain financial incentives, the company promised to create 175 new jobs within three years.
In addition to $695,000 in tax credits from the Wisconsin Economic Development Corporation, which will be distributed annually over a five-year time frame as the full-time positions are created, Unico will receive:
- $260,000 forgivable loan from the Racine County Revolving Loan Fund.
- $44,000 for 10 years in financing assistance from the Village of Caledonia, which will come in the form of a “rebate” on Unico’s tax bill.
Adding on to their current operation also led to a remodeling of the existing facility, the JT story reads, which includes a bigger research-and-development area. Unico previously only had about 1,000 square feet dedicated to R&D, but now they’ll have between 6,000 and 8,000 square feet.
Unico supplies parts to companies in the oil and gas industry and automotive markets, including BMW, Yamaha, BP and Shell.