The firm coming to St. Albans is BEMAG Transformers of Quebec, a transformer manufacturer.
BEMAG Transformers manufactures dry-type electrical transformers at a facility in Farnham, Quebec, but was nearing production capacity at that plant as it moved forward with plans to expand its share of the North American transformer market, according to the governor's office.
“The job creation and workforce training incentives Vermont offered helped seal the deal,” Christian Roberge, vice president and chief financial officer of BEMAG Transformers, said.
BEMAG will be given Green VEGI incentives totaling $267,569 and $106,000 in employee and manufacturing efficiency training from the Vermont Training Program. The Vermont Economic Development Authority (VEDA) also approved $718,000 in financing assistance.
The company estimates it will create 16 new jobs in 2009, and will ramp up to 43 workers by the end of 2011, according to the governor's office.
Vermont Transformers is eligible to earn a maximum of $267,569 in job creation incentives over three years if they meet and maintain payroll, employment and capital investment targets each year. The incentives would be paid out over seven years, if the jobs are maintained.
- Terri Hallenbeck