January 19th, 2012, Milwaukee, WI–The Northwest Side Community Development Corporation has closed on a $700,000 loan to Diamond Precision, a manufacturer of cast and precision machined components that recently expanded into a new facility on the northwest side of Milwaukee at 11000 W. Heather Avenue. The loan funds were granted to the Northwest Side CDC by the Community Economic Development Office of Community Services, Administration for Children and Families, U.S. Department of Health and Human Services.
Diamond Precision plans to use the funds to continue its expansion by purchasing equipment and making improvements to its manufacturing facility. Diamond plans to add up to 40 new jobs in the near future and as many as 100 jobs as a result of its expansion.
Diamond Precision is a great example of the critical role that Advanced Manufacturing will play in the economic future of the City of Milwaukee. Headquartered in Johnson Creek, Diamond chose its newest location in Milwaukee because of the large skilled labor pool available here, especially in CNC machining. Diamond Precision machines parts for a variety of industries such as rail and trucking using state-of-the-art equipment.
Some of Diamond’s customers have switched from Chinese parts suppliers to Diamond Precision. Their precision processes assure Diamond’s customers of the quality of their parts, and they can beat foreign suppliers on shipping costs and “turn times” delayed by the wait for parts to ship across the Pacific. “Helping a local company bring business and jobs back from China is a win-win for Milwaukee” said Sam McGovern-Rowen, Northwest Side CDC Planning Director.
Northwest Side CDC has a long history of collaborating with manufacturers on economic and workforce development projects. “Northwest Side CDC has built a reputation for helping to bring manufacturing jobs back to our area. We are excited to be working with Diamond Precision, and look forward to helping them recruit workers from the communities we serve” said Howard Snyder Executive Director of the Northwest Side CDC.