Green Bay Drop Forge will build a $20 million plant in the Grandview Industrial Park as part of an agreement with the city, the Green Bay Press-Gazette reports. The move allows the company to modernize operations and expand production while the city of Green Bay acquires nearly 12 acres of riverfront property for future redevelopment.
The Green Bay city council approved the deal with Drop Forge parent company W.E. Hoban Company March 4. Under the agreement, W.E. Hoban Company will purchase a 12.7-acre site off Finger Road for $571,000 and construct a 58,000-square-foot facility with office and warehouse space. The expansion is expected to create $10 million in new property value and generate approximately $199,200 in annual property taxes.
To support the investment, the city will provide tax incremental financing (TIF) assistance and purchase the company’s longtime State Street location for $2.8 million. Green Bay Drop Forge will lease the property back from the city for up to 16 years, allowing for a phased transition to the new facility while giving the city flexibility for future redevelopment.
The company, which began in 1912 making horseshoe calks, has evolved into a key supplier of custom steel forgings, machined parts and assemblies for industries across North America and Europe.
