$270 million investment will create more than 340 new jobs statewide
MADISON, WI. APRIL 25, 2023– The Board of Directors of the Wisconsin Economic Development Corporation (WEDC) today approved awarding up to $5.6 million in performance-based tax credits to assist Charter Next Generation with $270 million in investments that will create more than 340 jobs statewide over the next eight years.
Charter Next Generation is known for being one of North America’s principal producers of sustainable, innovative material science solutions and world-class manufacturing capabilities. As a key supplier of highly engineered solutions used in food and medical packaging, as well as consumer and industrial markets in the United States, and one of Milton’s leading employers, Charter Next Generation’s Milton Plant is poised to continue significantly growing its business, offering the Milton community career opportunities with a stable and growing industry leader. With four plants in Wisconsin alone, the expansion will enable CNG to increase its sustainable manufacturing capabilities within the state, and in turn, introduce over 300 new jobs to the workforce while providing economic growth to local communities.
“WEDC is pleased to partner with Charter Next Generation as it establishes a second site for its operations in Milton,” said Missy Hughes, secretary and CEO. “CNG’s commitment to creating opportunities and building strong communities in Milton and throughout Wisconsin is a win for our entire state.”
“Charter Next Generation is constantly seeking innovative opportunities that align with our unwavering sustainability-first mindset and our mission to deliver best-in-class material science solutions.” said Kathy Bolhous, CEO of Charter Next Generation. “The partnership with WEDC allows us to expand our product offering in Milton. It also ignites an exciting opportunity to boost our employee base and benefit the Rock County infrastructure, and eventually all of Wisconsin.”
The city of Milton is supporting the project with a Tax Incremental Finance Development Agreement that would provide up to $1.6 million over a ten-year period. Additionally, the City will be undertaking several infrastructure projects to further advance the construction of the new facility by CNG.
“Charter Next Generation has been a strong community partner in the City of Milton for several decades,” said City Administrator Al Hulick. “We are excited to see CNG expand their operations to a new facility within the city, and we are pleased to partner with them again on this next chapter.”
Under the plan approved by the WEDC board and submitted to the Legislature’s Joint Committee on Finance for review, the company is eligible for up to $5.6 million in performance-based Enterprise Zone tax credits over the next eight years if it creates at least 341 new jobs and invests at least $270 million.
In addition to the new Enterprise Zone for Charter Next Generation, WEDC has 18 active Enterprise Zone designations throughout the state, which are expected to result in over $3.5 billion in capital investment, the retention of over 16,000 jobs, and the creation of over 19,000 new jobs. Under state law, the Legislature’s Joint Committee on Finance has 14 days to review the creation of a new Enterprise Zone. The zone will automatically be created unless the committee takes action.