Magnet Wire welder gets $6.8 million in federal loan to build new factory in Illinois

  • October 11, 2021

Wire-welding machine maker Magnet Wire says it’s getting a $6 million federal loan for the first phase of its new factory near Springfield.

The company said Wednesday it expects to be up and running by June, adding that it will add 50 jobs and boost wages.

Magnet Wire’s Springfield factory will build the first magnet wire welder at its Springfield plant.

It also says it will begin manufacturing and marketing its own products.

The loan will be used to build the factory and create 500 jobs in Springfield.

Magnet has a workforce of about 6,000 and employs more than 400 people in the state.