MHIC Announces Additional $8.8 Million NMTC Allocation to Support Weidmann Electrical Technology’s Expansion in Vermont

MHIC is pleased to announce the closing of an additional $8.8 million New Markets Tax Credit (NMTC) allocation to support the expansion of Weidmann Electrical Technology Inc.’s specialty paperboard mill in St. Johnsbury, Vermont.

This new allocation brings MHIC’s total investment in this project to $11.1 million, providing critical financing for facility improvements, new equipment, and the growth of Weidmann’s transformer board and components manufacturing operations. Together with other funding partners, the project has now secured a total of $52 million in NMTC allocations. This investment is enabling the retention of 300 existing jobs and will create 67 new, quality positions, with all employees earning at least the MIT Living Wage of $21.67 per hour, plus benefits. Significantly, 88% of these jobs will be accessible to low-income individuals, local residents, and people facing barriers to employment.

“We are deeply grateful for MHIC’s commitment and the additional NMTC financing, which plays a vital role in making our expansion possible,” said Carol Martin, Vice President of Finance at Weidmann Electrical Technology Inc. “This investment not only strengthens our manufacturing capabilities in Vermont, but also supports the creation of well-paying jobs and opportunities that will have a lasting positive impact on our community.”

We are proud to work alongside U.S. Bancorp Community Development Corporation, the project’s NMTC investor, and to continue building our partnership with Weidmann. We look forward to the positive economic and community impact this expansion will bring to the Northeast Kingdom region of Vermont.