July 16, 2008
Mica paper manufacturer also approved; two firms could create 34 new jobs
MONTPELIER, Vt. – A utility-focused risk management company and the last mica paper maker in the U.S. have been approved for over $700,000 worth of incentives that could produce 34 new jobs over the next five years.
At its recent meeting, the Vermont Economic Progress Council gave initial approval to incentives for Utility Risk Management Corporation (URMC) to move their utility-focused risk management company from Pennsylvania to Vermont and add new jobs.
In addition, the council gave final approval to an application from Isovolta, Inc. to ensure an expansion of their mica paper manufacturing operation in Rutland instead of adding capacity at one of their many international locations.
“These projects will create good new jobs around the state and will have substantial impacts on other valuable sectors such as energy transmission,” said Karen L. Marshall, Chairwoman of the Vermont Economic Progress Council.
“The decision by URMC to locate in Stowe will mean high-paying jobs for engineers and GIS foresters with a high-tech, fast growing company,” Marshall said.
URMC improves the reliability and productivity of utility companies by identifying, prioritizing and managing vegetative threats to electrical transmission and distribution assets, and then auditing the removal of those threats.
This service helps utilities achieve greater compliance with federal mandates for vegetation management and prevent power outages. Because of the incentives authorized, URMC is deciding to relocate the company to Stowe and add several new jobs including engineers and GIS foresters to grow the company to meet the demands of the industry.
“We are excited about our move to Vermont as URMC enters its next phase of growth,” said Adam Rousselle, URMC President. “For a fast growing company like URMC, the ability to find quality, technically savvy professionals is a keystone of our future success. Vermont offered the opportunity and environment to find the right people for our business. These incentives will help us grow our business and create jobs for our neighbors.”
The company has already scheduled two job fairs on Friday, July 18th and Saturday, July 19th at Ye Old England Inne, 433 Mountain Road in Stowe. For more information on the job fair visit www.utilityrisk.com
Under the new Vermont Employment Growth Incentive (VEGI) program, the two companies are eligible to receive a maximum of $708,334 in job creation incentives if they meet payroll, employment and capital investment targets.
“The decision by Isovolta to expand in Rutland will not only add much needed jobs to that area, but helps guarantee the viability of that plant when decisions are made by Isovolta AG, the parent company,” Marshall said.
Isovolta, Inc, a division of Isovolta AG of Austria, produces mica paper for use in high voltage insulation products. It is the last remaining mica paper manufacturing plant in the United States.
Isovolta AG produces various materials in 21 locations worldwide. Because of the incentives, Isovolta decided to add employees and install new manufacturing equipment in the Rutland facility.
“These incentives will help us expand our operations in Rutland and create jobs,” said Jonathan Roberts, CEO of Isovolta. “This is an investment in our success as well as the community’s and the state’s.”
Under reforms passed by the General Assembly and signed into law by Governor Jim Douglas in 2006, the VEGI economic incentives were authorized based on job creation and capital investments that must occur before the company receives incentive installments over a period of years.
The previous program had companies earning tax credits that were applied against future tax liability.
The Council approved the applications after reviewing nine guidelines and applying a rigorous cost-benefit analysis which showed that because of the economic activity that will be generated by these projects, even after payment of the incentives the State will realize a minimum net increase in revenues of $498,484.
The Council also determined that these projects would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.
The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the governor that considers applications to the state’s economic incentive programs.
The Council is attached to the Vermont Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities.
For more information, visit:
Source: Agency of Commerce and Community Development
Last Updated at: July 16, 2008 09:29:48