Lake Zurich, Illinois-based manufacturer
Powernail Company will move its headquarters and production operations to Genoa City in Walworth County, a move that will create 39 full-time jobs within three years.
Powernail Company manufactures flooring equipment including pneumatic nailers (a type of nail gun) and flooring cleats that are used to install hardwood floors. The company was founded in Chicago in 1947. It moved to Lake Zurich in 2005.
Powernail Company has already started construction on its new, 40,000-square-foot headquarters which will be located on 4.5 acres of land along Williams Road, south of Twin Lakes Road. The project is expected to cost $5.7 million.
“Wisconsin is the perfect location for Powernail,” said David Anstett, president of the company. “There is a long history of manufacturing and a deep talent base to support our long-term goals. We are thrilled to be growing our company in a production-friendly state like Wisconsin.”
The Wisconsin Economic Development Corp. is supporting the project by authorizing up to $400,000 in state income tax credits over the next three years. The actual amount of tax credits Powernail will receive is contingent on the number of jobs created and the capital invested in the project.
The Village of Genoa City is also supporting the project through its Business Tax Incentive Program, which includes a four-year tiered reimbursement to Powernail for the village portion of real property taxes. The Walworth County Economic Development Alliance and Milwaukee 7 worked to help attract Powernail to Wisconsin.
“Walworth County is proud to welcome a nationally known company like Powernail. Despite its reputation for being a tourism powerhouse, Walworth County also has a strong base of manufacturing, employing 9,000 workers in this sector,” said Derek D’Auria, WCEDA executive director.
Powernail Company was founded by Carl and Ed Anstett, two brothers and inventors. David Anstett represents the second generation of family leadership.
