Latest news with #MichaelPolsky
Yahoo
4 days ago
- Automotive
- Yahoo
Wisconsin manufacturer to close, laying off 67 employees after failed sale attempt
MILWAUKEE, Wis. (WFRV) – A longtime Wisconsin manufacturer specializing in custom steel forgings will permanently close its facility and lay off 67 employees later this year. According to a Worker Adjustment and Retraining Notification (WARN) letter submitted to the Wisconsin Department of Workforce Development (DWD), Milwaukee Forge, located at 1532 East Oklahoma Avenue, will shut down operations following an unsuccessful effort to sell the company. Honda recalls over 259,000 cars due to brake pedal issue Michael S. Polsky was appointed as receiver of Milwaukee Forge, LLC and MF Real Estate Holdings, LLC on March 25, 2025. Since then, Polsky and a financial consultant have worked to sell the company's assets as a going concern through a court-supervised receivership proceeding. Despite those efforts, a sale could not be secured. As a result, a mass layoff and plant closure will occur, with employee separations set to begin on or after August 18, 2025. All health care benefits for employees will also terminate as of that date. Governor Tony Evers grants $1.8 million to Green Bay to cover public safety costs from NFL Draft The company stated that all employee positions will be permanently eliminated, and bumping rights will not apply, as all roles at the facility are being cut. Milwaukee Forge is known for its use of closed-die and hammer forging techniques to manufacture custom steel components. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Axios
24-04-2025
- Business
- Axios
A power titan calls transmission key to Trump's agenda
Michael Polsky, founder and CEO of independent power giant Invenergy, has plenty on his plate. But one priority stands out. "If I could only be allowed to give one [piece of] advice to the administration, what to do, what's most important, I would say, 'Support transmission development. Everything else will come,'" he tells Axios. Why it matters: The breadth of the privately held firm's assets and plans gives Polsky a wide-angle view as the U.S. faces newly rising power demand. Invenergy is among the country's largest renewable and storage developers. Its assets and pipeline also include large transmission and gas projects, and solar panel manufacturing. Driving the news: Polsky called interregional transmission a tech-neutral key to unlocking and moving power needed for supporting AI and other large industries, and re-shoring manufacturing. That dovetails with the heavy White House emphasis on energy infrastructure — including grid updates — but Polsky has some specifics in mind. What we're watching: In late November, the Biden-era DOE announced a conditional $4.9 billion loan guarantee for phase 1 of Invenergy's proposed five-gigawatt Grain Belt Express line from Kansas to Indiana. The first 2.5 gigawatt phase would run nearly 600 miles from Kansas to Missouri, but faces some political opposition, notably from GOP Sen. Josh Hawley (R-Mo.). Invenergy is in discussions with the administration about the loan financing, a spokesperson said. "President [Trump] said we want to unleash American energy, we want to have abundance, low cost, independence. This is what Grain Belt is all about," Polsky said. Asked about other policy goals, he said FERC has historically not been "proactive" on large-scale transmission. "Perhaps the politicians have to take things in their hands and create some political enablers, legislation to support these initiatives," he said. The big picture: Permitting help is key, but not enough, Polsky said. Independent developers need access to cost-recovery mechanisms to make the economics work — and reflect the resilience and reliability benefits the lines provide, he argues. Catch up quick: The multinational Invenergy's 209 generation and storage projects total 33 gigawatts of capacity to date, mostly in the U.S. Roughly 20% comes from natural gas, according to a spokesperson. Its project pipeline has an estimated value of $150 billion, private equity giant Blackstone, a major investor, told the WSJ. Gas is playing a growing role thanks to customer demand from data centers and other factors, the Invenergy spokesperson said via email. Threat level: Polsky warned that nixing IRA incentives could raise consumer costs for two reasons. One is that it makes solar, wind and storage less expensive. Another is that killing IRA subsidies would lessen competition with fossil fuels at a time of rising demand, which would also be inflationary for energy costs, he said. "If we remove all IRA support, prices for energy would go up, definitely," Polsky said. The bottom line: Meeting Trump's energy goals will require a mix of sources, he said.
