The Whitney Blake Co. Receives Windham County Funding
Rockingham, VT – The Whitney Blake Company (WBC), a manufacturer of wire and cable, Koil Kords® and cable assemblies, has been awarded $350,000 through the Windham County Economic Development Program (WCEDP). The proceeds of this loan will be used to restructure debt and increase operating capital, as the company reorganizes and expands its Rockingham operations.
WBC has showed sustained growth over the past few years. In February 2018, the Whitney Blake Company acquired the former Vermed building. With this purchase, the manufacturing operations of its Springfield, VT facility were moved to this new facility in Rockingham, VT. Adding 45,000 sq. of assembly capacity, this purchase allows the company to maximize efficiencies by having one plant focusing on wire and cable manufacturing and the other plant on wiring harness and cable assembly. In July 2018, WBC also purchased the assets of Sonetronics, Inc, a communication equipment assembly operation in New Jersey. This purchase complements the existing customer base and product offering by providing a springboard into acoustical products as well as robust access to military markets.
Currently, 95 full-time employees are employed in its two Rockingham, VT facilities. The company expects 28 new full-time positions to be created in its Rockingham facilities in the next three years. An additional 5 jobs will be transitioned to Vermont from their Monterrey, Mexico facility.
The loan from WCEDP will help accelerate this migration of operations out of NJ. By using this loan, WBC can free up working capital to make critical information technology upgrades, as well as fund transfer costs.
“The State is proud to provide the Whitney Blake Company with funding to migrate additional operations to Vermont,” said Joan Goldstein, Department of Economic Development Commissioner. “With its continued expansion, the Whitney Blake Company will serve more customers and bolster the Vermont economy.”
“The New Jersey acquisition demonstrates our growth, continued commitment to best serve our customers and promise to deliver unwavering performance”, said Sheldon Scott, Whitney Blake President, and CEO. “Our growth strategy has earned Whitney Blake recognition by Vermont Business Magazine as one of the 2019 Vermont Business Growth Award winners, a distinction we are very proud of”.
About the Windham County Economic Development Program (WCEDP)
WCEDP is administered by the Vermont Agency of Commerce and Community Development in cooperation with the WCEDP Advisory Council. The funds were secured through a Memorandum of Understanding (MOU) governing the closure of the Vermont Yankee nuclear power plant, for the purpose of mitigating the impacts of closure on the region’s economy including the loss of over 600 jobs. WCEDP investment promotes economic development in Windham County by stimulating job creation through business start-up, expansion, or relocation, by encouraging entrepreneurial activity, and by strengthening the economic development infrastructure to ensure a strong foundation for transformational economic activity. For more information on WCEDP, visit http://accd.vermont.gov/economic-development/funding-incentives/windham-county.
About BDCC and SeVEDS
The Brattleboro Development Credit Corporation is a private, nonprofit economic development organization that serves as a catalyst for industrial and commercial growth throughout Southeastern Vermont, including Windham County and the towns of Readsboro, Searsburg, Winhall and Weston. BDCC serves as the State of Vermont’s certified Regional Development Corporation (RDC) for the greater Windham County area. BDCC is one of 12 RDCs throughout Vermont. This BDCC activity was made possible in part by a grant from the State of Vermont through the Agency of Commerce and Community Development. For more information visit: https://brattleborodevelopment.com/
Southeastern Vermont Economic Development Strategies (SeVEDS) is an affiliate of BDCC that grew from a 2008 grassroots effort, initiated by BDCC, to reverse the economic decline of the Windham Region and plan for the economic impacts from the closure of the Vermont Yankee nuclear power plant. In 2014, after multiple years of regional input, education and data gathering, SeVEDS submitted the Windham Region’s federally recognized S.M.A.R.T. Comprehensive Economic Development Strategy for federal approval. For more information visit: www.seveds.com
About the Agency of Commerce & Community Development (ACCD)
The ACCD’s mission is to help Vermonters improve their quality of life and build strong communities. The ACCD is comprised of four Departments: the Department of Economic Development (DED), the Department of Housing and Community Development (DHCD), the Department of Administration, and the Department of Tourism and Marketing (VDTM). The Agency reports annually to the Legislature on activities and outcomes. For more information on the Vermont ACCD, visit http://accd.vermont.gov/