News

BELOIT—Toledo Molding & Die, an auto industry supplier, is opening a plant in Beloit that is expected to create 118 jobs.

The company’s first Wisconsin plant will be located at the Wisconsin Stateline Industrial Park, where it will manufacture molded automotive parts for Jeep Cherokees that will be produced at the Fiat Chrysler Automotive plant in Belvidere, Illinois, in early 2017.

Toledo Molding & Die is investing more than $14 million in the project that will occupy a 105,000-square-foot industrial building at the industrial park, according a news release from the Wisconsin Economic Development Corporation.

The Toledo Molding & Die website lists that address for the facility as 2401 Stateline Road, Beloit.

In April, Hendricks Commercial Properties started construction on the 105,000-square-foot building. The building Toledo Molding & Die will be leasing is in the “midst” of construction, said Andrew Janke, economic development director for Beloit.

“TMD had several location options in northern Illinois as well as Wisconsin, and I’m pleased that the company will soon be a part of the Rock County business community,” Gov. Scott Walker said, according to the release. “More and more companies are realizing that the state’s pro-business climate, skilled workforce and world-class education system make Wisconsin an ideal location to expand or relocate.”

“TMD is excited to partner with the great state of Wisconsin and the outstanding people of Beloit and Rock County as we expand our operations in support of Fiat Chrysler’s Jeep Cherokee program,” said company President Steve Ciucci, according to the release. “TMD selected Beloit because of its proximity to our customer, the availability and quality of the workforce, the high quality of life the region offers our employees, and the pro-business environment in the state.”

The Wisconsin Economic Development Corporation is providing the company with up to $750,000 in business development tax credits over the next three years. The actual amount of credits the company will receive is contingent upon the number of jobs created over that time, according to the release.

The Beloit City Council on Monday will consider a development agreement for the project. Janke said staff are recommending the city provide a $100,000 tax incremental financing grant to help Toledo Molding & Die move machinery and equipment.

Local economic development officials praised the company’s decision to establish operations in Rock County.

“Plastics manufacturing is a key industry driver for both Wisconsin, as well as the Janesville-Beloit area, and we look forward to adding TMD’s project to the growing list of firms that are investing in our market,” said Rock County Economic Development Manager James Otterstein, according to the release.

In addition to the 118 jobs expected to be created by Toledo Molding & Die, an economic modeling study estimates the project could indirectly generate 43 additional jobs in the region. Those 161 new jobs are expected to generate $2.1 million in state income tax revenue over a five-year period, according to the release.

Toledo Molding & Die was founded in 1955 as a model and pattern shop in Toledo, Ohio. The company began supplying the automotive industry in 1968 and has grown into a global full-service supplier of interior and air/fluid management systems for more than 20 international automotive customers. The company, which is based in Toledo, has operations in Ohio, Tennessee, Michigan, North Carolina and Mexico, according to the release.

Janke said Hendricks Commercial Properties will move forward with building a second 105,000 square-foot building on speculation on the site. Planning for that construction will begin next spring. 

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