ST. JOHNSBURY — A Vermont company is finishing work on a $40 million expansion to its manufacturing plant in St. Johnsbury.
Weidmann Electrical Technology makes insulation for electrical transformers.
More than 260 people work at the plant, with an average annual salary of $52,000.
Vice President John Goodrich tells Vermont Public Radio (http://bit.ly/RE5Vap) the future of the plant was in question a number of years ago. He said a high U.S. corporate tax rate was one reason Weidmann considered going to another country. Its parent company is a family-owned Swiss firm.
Goodrich credits former Gov. Jim Douglas, legislators and local economic development officials for extending tax breaks to the company.
Weidmann’s federal tax liability was reduced through a program called the New Markets Tax Credit, administered by Housing Vermont.
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