MHIC is pleased to announce the closing of an additional $8.8 million New Markets Tax Credit (NMTC) allocation to support the expansion of Weidmann Electrical Technology Inc.’s specialty paperboard mill in St. Johnsbury, Vermont. This new allocation brings MHIC’s total investment in this project to $11.1 million, providing critical financing for facility improvements, new equipment, and the growth of Weidmann’s transformer board and components manufacturing operations. Together with other funding partners, the project has now secured a total of $52 million in NMTC allocations. This investment is enabling the retention of 300 existing jobs and will create 67 new, quality positions, with all employees earning at least the MIT Living Wage of $21.67 per hour, plus benefits. Significantly, 88% of these jobs will be accessible to low-income individuals, local residents, and people facing barriers to employment.
