On Monday, Swiss Krono, a producer of engineered wood, announced plans for a $200 million expansion in Barnwell, SC where the unemployment rate is nearly 15 percent. The project was made possible thanks to the NMTC. From Woodworking Network:
More than $45 million in tax credits, allocated by the National New Markets Fund, The Innovative Fund, Dakotas America, and SunTrust Community Capital, will go toward funding a 250,000-square-foot, $200 million expansion of Swiss Krono’s plant in Barnwell, South Carolina.
The expansion is expected to create 500 construction jobs and 105 permanent jobs at the plant.
“Swiss Krono is grateful to receive the benefit of new markets tax credits, allowing us to grow the commitment we made to this area over a decade ago,” said Erik Christensen, president and CEO of the company’s U.S. subsidiary. “This investment will set us up to continue that support for decades to come.”