Advac Elastomers of Wisconsin Inc. recently received approval for a $470,000 loan from the Milwaukee Economic Development Corp. Advac plans to operate within a 110,000-square-foot building at 3280-3282 N. 35th St.
Advac will collect tires and other scrap rubber, break them down into raw material and then mold them into new rubber products, according to information filed with the MEDC, a business lending agency.
The start-up will have 24 full-time employees, according to MEDC.
The MEDC loan, along with financing from Park Bank, will be used to buy equipment and renovate the building. The entire project will cost $2.68 million.
The building is owned by David Greif, Advac's president, and Edward Jakush, executive vice president of marketing. Greif and Jakush each own 28% of Advac, according to MEDC.
Other Advac owners include Joseph Koltz, senior vice president of administration, and Harry Rummel, chairman, who each own 13% of the company.
The 35th St. building, which sits on 11 acres, was sold last November for $1.5 million, city assessment records show. Milwaukee Journal Sentinel
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