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Another successful year for the Hessian Economic Promotion

 

2012 has once again seen high demand for the program Start-up and Growth Financing Hessen (GuW Hessen): 385 million The Economic Promotion has invested 559.5 million  euros in 31,500 jobs and apprenticeships and created an additional 1,440 vacancies.

 

One of the promoted companies is STROH Diamantwerkzeuge GmbH, with locations in Bruchköbel and Hünfeld near Fulda. In 2012, this Hessian family-owned company expanded its production capacity in the field of electroplating. The company invested a total of 1 million euros in a new facility to manufacture electroplating.

 

"We are very proud to say that 2012 was another successful year for the Hessian Economic Promotion. All in all, the Hessian business community has a good year to look back on", said the Hessian Secretary of Commerce in an optimistic appraisal. "The Hessian economy is resilient, and STROH is a testament to this fact", explained the Secretary. The Economic Promotion of the state supports such development and is committed to the creation and maintenance of sustainable structures and competitively viable jobs.

 

In addition to the industrial sector, healthcare was a strong point in 2012; roughly a quarter of subsidies went to veterinary, health, and social services. Wholesale and retail industries saw benefits as well; approximately one fifth of the funding went to companies in these sectors.

 

"Funding shall be given where funding is due", said WIBank director Dr. Michael Reckhard. "Our goal is to support Hessian companies and make it easier for them to adapt to rapidly changing market conditions."

 

STROH Diamantwerkzeuge GmbH has created five new jobs through its investments. Managing Director Oliver Schneider is thrilled about the funding: "Thanks to the GuW Program, we were able to invest in innovative, high-quality machines. This is extremely important to us, as manufacturing diamond tools requires a level of precision that comes down to fractions of a micrometer. The innovative 60 technology allowed us to increase our capacity by 50 percent."  The new plant began operations at the end of 2012. STROH Diamantenwerkzeuge GmbH supplies its high-quality tools to industrial concerns worldwide.

 

The WIBank is a legally dependent institution, forming part of the regional state bank of Hessen and Thüringen. As the promoting institute of Hessen, the WIBank covers a wide range of the European structural funds, via federal and state programs, as well as capital market-based promotional products, and represents nearly the entirety of promotional activities. It works with all 70 banks on an independent, non-competitive basis.