• Interstate 41 Corridor
Brown, Calumet, Outagamie, Winnebago, Fond du Lac Counties
Nicolet Bank expands west with Charter Bank acquisition
Nicolet Bankshares, Inc. will acquire Charter Bankshares, Inc. and its wholly owned banking subsidiary, Charter Bank. Based on Nicolet’s closing price of $94.40 as of March 29, the merger consideration is valued at approximately $158 million.
“Our banks are culturally similar in that we trust our local people to understand and serve the market,” said Mike Daniels, president and CEO of Nicolet. “The magic of this opportunity is trust in the partnership and the people.”
Charter is a $1.1 billion bank headquartered in Eau Claire, with offices in Chetek, Wisconsin, and Chanhassen and Chaska, Minnesota. A new office is under construction in Chippewa Falls. The combined company will have assets of about $8.8 billion, deposits of $7.3 billion, and loans of $5.4 billion.
Charter shareholders will receive approximately 1.26 million shares of Nicolet and a cash payment of approximately $38.8 million.
Nicolet is expected to appoint Brenda L. Johnson to the boards of directors of Nicolet Bankshares, Inc. and Nicolet National Bank upon the completion of the transaction. Post-merger, Paul Kohler will join Nicolet National Bank and lead the western Wisconsin and Twin Cities markets. He also will join the senior management team.
The transaction is expected to close in the third quarter of 2022. All Charter branches are anticipated to become Nicolet branches. Nicolet’s loan production office in Eau Claire is expected to close and consolidate with continued service out of the legacy Charter office in Eau Claire.
Neenah Inc. to merge with SWM International
Neenah, Inc. and Schweitzer-Mauduit International have entered into an agreement to combine in an all-stock merger of equals. Their combined revenues will be approximately $3 billion.
The two global organizations have complementary technologies, geographies and product portfolios in specialty materials. The combined company will capitalize on strong positions in large, growing categories including filtration, health care and wellness, protective and adhesive solutions, industrial solutions, and packaging and specialty paper.
The benefits of the merger include a broadened customer base, product lines and technical expertise, as well as combining strong teams and company cultures, said Jeff Kramer, CEO of SWM.
Following the closing of the transaction, SWM shareholders will own approximately 58% of the combined company, while Neenah shareholders will own about 42%.
“Merging our two companies enhances our ability to grow and solve the needs of our customers for demanding, innovative products that address global challenges such as the necessity for clean water and air, sustainable alternatives, and enhanced health and wellness,” said Julie Schertell, president and CEO of Neenah.
The merged company will remain headquartered in Alpharetta, Georgia. Upon close, Schertell will serve as president and CEO. Kramer will serve as a strategic adviser for the combined company. A new name for the combined company will be selected in connection with the merger, which is expected to close in the second half of 2022.
Oshkosh receives first order for low-emission mail trucks
The U.S. Postal Service placed its first order of Next Generation Delivery Vehicles with Oshkosh Defense, a subsidiary of Oshkosh Corp.
The initial order is for 50,000 NGDVs and is valued at $2.98 billion. Oshkosh Defense will manufacture both zero-emission battery electric vehicles and fuel-efficient low-emission internal combustion engine vehicles for the USPS in its Spartanburg, South Carolina, factory.
“Oshkosh is committed to making a difference in the lives of those who depend on our products and services to build, protect and serve communities around the world,” said John Pfeifer, president and CEO of Oshkosh Corp.
The first order will include a minimum of 10,019 battery-powered vehicles. The NGDV contract allows the flexibility to increase the percentage of battery-powered vehicles.
Preparations at the South Carolina facility are underway, and the company is hiring to meet the demand, said John Bryant, executive vice president for Oshkosh Corp. and president of Oshkosh Defense. Oshkosh won the competitively awarded NGDV contract in February 2021. Production of the NGDVs is expected to begin in 2023.
• The Lakeshore
Door, Kewaunee, Manitowoc, Sheboygan Counties
Kaysun Corp. to expand, hire additional workers
Kaysun Corp. announced plans to expand its manufacturing facility by about 55,000 square feet and add 10,000 square feet to its office space. The company has hired ACE for the work and plans to begin construction in July.
Kaysun, a Manitowoc company since 1946, is located in the city’s industrial park and worked on the project with the city, which will receive tax incremental financing support. The company has a workforce of about 240 employees in the city and plans to add 75 positions over the next several years.
“The city’s goal is to be as business-friendly as we can, and I think we can see the results of that as the industrial park is now full, and homegrown businesses like Kaysun want to continue to expand in Manitowoc,” said Manitowoc Mayor Justin Nickels.
Sale of former Kewaunee nuclear plant approved
EnergySolutions LLC received Nuclear Regulatory Commission approval for the transfer of the Kewaunee Power Station operating license from Dominion Nuclear Projects Inc.
The Kewaunee nuclear power plant began operations in 1974 and permanently shut down in May 2013. Transfer of the fuel to the dry storage facility was completed in 2018.
The approval includes the general license for Kewaunee’s spent nuclear fuel storage facility. EnergySolutions said it intends to begin active decontamination and demolition of the facility this year and complete decommissioning by 2030.
The transaction would transfer plant operatorship from Dominion Energy Kewaunee to EnergySolutions and rename it Kewaunee Solutions. The Kewaunee license transfer remains subject to approval by the Public Service Commission of Wisconsin.
• West Central
Shawano, Waupaca, Waushara, Marquette, Green Lake Counties
First State Bank to build new office, donate former space to library
First State Bank will construct a new bank office in downtown New London and is transferring ownership of its former building at 113 W. North Water Street to the New London Public Library. The library will take over the building when the bank opens its new corporate headquarters in spring of 2023.
“New London has been First State Bank’s home since 1933,” First State Bank Bob Van Asten said. “We are proud to renew our commitment to this community and to be a leader in contributing to the revitalization of New London’s downtown.”
The footprint of the bank’s new office will encompass the bank’s current drive-up facility and green space along Waupaca Street and will combine the lobby, drive-up and local operations into one facility.
With the bank’s donation, the library will shift from its plan to build a separate library annex along with maintaining the current library facility to redeveloping the two floors of the bank building into the library’s future home. The 26,000 square-foot facility makes it possible for all library services and new community resources that were envisioned as part of the annex to come together, downtown, under one roof.
Referendum paves way for new Keshena high school
Voters approved a $35 million Menominee Indian School District Referendum in April, allowing the district to move ahead with plans to build a new high school in Keshena.
The new high school will pave the way for eventually moving the middle school to the current high school and expanding and improving Keshena Primary School.
The district will be able to move forward with a facility plan that meets the needs of growing enrollment “and provides our students with the tools, programs and facilities that will help them succeed now and in the future,” said MISD School Board President David Miller.
The district will begin working on a final design for the new high school with architect/builder Somerville Architects & Engineers.
The design will be culturally relevant — connecting nature, learning and the community — and constructed of natural, sustainable materials. Features of the 110,000-square-foot school will include larger, technology-equipped classrooms; expanded labs for Menominee language, arts and foods; larger multifunctional tech ed and science labs; a field house; and a school forest for cultural and environmental programming.
The new high school will be built on a 40-acre parcel of land off Warrington Road behind Save-a-Lot in Keshena.
• The Northwoods
Florence, Marinette, Menominee, Oconto Counties
New facility dedicated at Marinette Marine shipyard
Leaders from Fincantieri Marinette Marine, the U.S. Navy, and Miron Construction Co. Inc. dedicated a new facility at the Marinette shipyard in March.
The 32,000-square-foot Building 35 is connected to a new panel line where steel is prepared, marked, cut, and welded on an automated assembly line equipped with state-of-the-art robotic welders.
Fincantieri received a contract in 2020 that could be worth $5.5 billion to design and build the Navy’s newest class of ships, the Constellation-class Frigate. FMM is scheduled to begin construction on the first frigate this year, so the new facility will be increasingly busy as employees continue training ahead of frigate construction.
This building and the panel line are part of the $300 million Fincantieri has recently invested into its shipyards.
The new facility and panel line offer improvements in overall steel preparation, manufacturing and staging processes that will be needed in construction of Constellation-class Frigates.
Fincantieri plans to build two ships per year after the ship design is stabilized. The company is scheduled to deliver the lead ship in 2026 and the second vessel in 2027.
In addition to these ships, the Navy’s contract with FMM has options for eight additional frigates that would be built in Wisconsin using Fincantieri’s system-of-shipyards, which includes Fincantieri Bay Shipbuilding in Sturgeon Bay and Fincantieri ACE Marine in Green Bay.
