Obama Scheduled to Visit Thompson Creek Window Company TodayJanuary 7th, 2011 | Category: Industry News
The White House has announced that President Obama is traveling to the Thompson Creek Window Company in Landover, Md., today to make remarks on the economy, comment on the monthly employment report and make economic personnel announcements. The President will also tour the facility.
The Thompson Creek Window Company is a privately owned and family operated manufacturer and installer of energy-efficient home improvement replacement products like replacement doors and windows and vinyl siding. DWM magazine toured the company earlier this year.
Thompson Creek is a local company that has expanded and hired new employees over the past year, and plans to continue to do so this year. Thompson Creek employs a staff of more than 275 people, and in December expanded to a second site for its corporate offices.
According to the White House, the company benefited from a number of Obama tax credits last year and as a result the company grew sales by 55 percent and expanded its workforce by more than 40 percent in 2010. Since passage of the HIRE Act in March, the company has hired more than 85 new employees. The Recovery Act tax credit for homeowners to make energy- efficient investments in their homes helped increase demand for Thompson Creek’s products: last year, window production and sales increased from 40,000 to 50,000 units. Thompson Creek also used last year’s incentives to write off new capital investments to make equipment purchases including a new forklift, a fleet of Ford work trucks, and other office and manufacturing equipment.
Thompson Creek plans to take advantage of the new business expensing proposal that the President proposed in the fall, and ultimately signed into law as a part of the middle-class tax cut package, according to a statement from the White House. The proposal will temporarily allow businesses to expense 100 percent of their investments in 2011, potentially generating more than $50 billion in additional investment in 2011, which will fuel job creation.
This year, Thompson Creek plans to use this incentive to modernize and renovate the manufacturing facility within 60 days, procure new software to help manage the business and purchase additional manufacturing equipment, trucks, compressors, and computers to meet demand.