Denmark-based Multicut, a manufacturer supporting the space, energy and defense sectors, has chosen Loveland, Colorado, for expansion. In Loveland, at the Forge Campus, Multicut will establish a manufacturing site and production facility to produce parts for the U.S. defense industry.
“Multicut’s decision to expand in Colorado shows how our state’s strong international relationships and terrific business environment create good-paying jobs for Coloradans and boost international investment into our state. I am excited to welcome Multicut, which will create 82 new jobs in Loveland and support the growth of Colorado’s defense industry,” said Colorado Governor Polis in a statement.
Multicut’s manufacturing system, M·Sys, alters CNC processes to allow for the completion of complex parts in one set up, reducing time while ensuring quality and scalability. The company’s current customer base includes Lockheed Martin, Planet Labs, Raytheon and Vestas among others. Establishing a U.S. manufacturing facility in Colorado will enable the company to meet demand in the U.S. while building capabilities in ultra-precision manufacturing, automation and robotization, scalable production and quality systems.
“As a Danish company, we value long-term partnerships, innovation, talent, and a collaborative business environment. Colorado delivers on all parameters. We are excited and proud to expand our presence here and to contribute to Colorado’s dynamic advanced manufacturing ecosystem,” said Frank Duhring, CEO of Multicut North America, in a statement.
In Loveland, Multicut expects to create 82 net new jobs. Positions will include engineers and operators involved in machining, cutting, and related manufacturing tasks.
To support the company’s expansion in Colorado, the Colorado Economic Development Commission approved up to $1,038,878 in a performance-based Job Growth Incentive Tax Credit for the company over an eight-year period. These incentives are contingent upon Multicut, referred to as Project Hedge throughout the OEDIT review process, meeting net new job creation and salary requirements.
