Grant of $2.9 Million Approved for Laramie
The State Loan and Investment Board approved the City of Laramie’s request for a $2.9 million Business Committed grant to construct a manufacturing facility during its meeting Thursday morning in Cheyenne.
The $2,935,924 grant from the Wyoming Business Council Business Ready Community program will fund construction of a 15,500 square-foot building in the Laramie River Business Park for Tungsten Heavy Powder and Parts.
The San Diego-based company announced in August that it will move production of tungsten components for military, industrial engineering, and medical markets from China to Laramie.
Tungsten Heavy Powder and Parts owner and CEO Joe Sery visited a number of communities across the state and decided that Laramie presented the greatest opportunity.
Wyoming Business Council CEO Shawn Reese says the company expects to create benefited manufacturing jobs that pay higher than median wage in Albany County.
“Tungsten [Heavy Powder and Parts] believes that it will create at least twenty-five new jobs and as many as fifty-five in five years,” says Reese. “That number may be low. We would not be surprised if the actual job creation was greater than that,” says Reese.
Reese adds that the impact to the local and state tax base as well as lease payments to be captured by the City will total over $5 million.
"We think that's a very good return on the state's investment," says Reese.
Tungsten Heavy Powder and Parts expects to select a design firm for the construction project in the first quarter of 2016.