Mercury set to receive $20 million loan

Posted on 16 December 2009

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Fond du Lac County executives in Wisconsin expect to have a signed agreement in place by the end of the week that would release a $20 million loan to Mercury.

The loan is for economic development and job retention in Fond du Lac County, and will mark the first appropriation to the Fond du Lac County Economic Development Corporation for a $50 million loan to Mercury Marine that was authorized by the County Board of Supervisors, according to Gannett Wisconsin Media.

The $50 million, low-interest loan to Mercury will be funded with a new county sales tax that will start on April 1.

In September, the majority of Mercury's 850 International Association of Machinists and Aerospace Workers Local 1947 members voted to accept concessions to their contract in order to preserve local manufacturing operations.

The vote also meant that jobs from Mercury's plant in Stillwater, Okla., would be incorporated locally and that the company's global headquarters would remain in Fond du Lac.

Click here for the full article.

Comments

4 Monday, 28 December 2009 19:13

 I think it will be beneficial to the employees and the county. Yeah it sucks that our tax money goes to Mercury, but it will stabilize families in that area.

3 Thursday, 17 December 2009 12:17

Nice! We citizens (county, state etc.) giving the money to rich Manhattan miljonaires (owners of Brunswick). It is so fair, why everytime poorest have to give free money for richest?

2 Thursday, 17 December 2009 02:25

I'm glad Merc got the bucks, now all I have to do if find out how they got it, so I can get me some.

1 Wednesday, 16 December 2009 17:50

Now that we're all so dumbed down, socialism's great isn't it?  Take from one group and give to another.  If anyone ever bothered to figure what got us in this mess in the first place, they would soon discover that our economic dilemma stems from over regulation, unions, and and high taxes.

I'll give you one guess what Fond du Lac County does with the money when/if  the loan is repaid??

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