Wichita Falls City Councilors approved an incentive package for American Fuel Cell and Coated Fabrics Company (AMFUEL), a Magnolia, Arkansas-based manufacturer of fuel tanks for the aerospace and the liquid logistics industry.
Henry Florsheim, President and CEO of the Wichita Falls Chamber of Commerce said, “Our economic development team has been working on this project for two years; we're ecstatic that all that hard work has paid off. These types of jobs are the reason the citizens of Wichita Falls approved the creation of our economic development sales tax years ago. We're looking forward to helping AMFUEL make the transition so they can begin hiring locally as soon as possible.”
AMFUEL president and CEO Mike Viscosi said, "We have been impressed by the professionalism of everyone we have had the pleasure to work with on this expansion project, we greatly appreciate the incentive package offered to us by the entire Wichita Falls community, and we are very excited by the opportunity to expand our business in Wichita Falls."
The incentives provided by the Wichita Falls Economic Development Corporation, Wichita County and the State of Texas will create jobs and help this business expand to Wichita Falls. The proposal includes an $800,000 no-interest, forgivable loan, up to $844,740 in Cash for Jobs, and $336,000 in training funds if a Skills Development Training Grant cannot be secured from the State of Texas.
The company will to expand to Wichita Falls in the near future, and create up to 280 new, full-time jobs. AMFUEL officials are looking at two local locations but have not signed a lease contract for either one.
Hiring will begin soon, and company officials will make that information public.