Modula is pleased to announce that we have been named Foreign Direct Investor of the Year for 2020 by the Maine International Trade Center (MITC). In the words of the organization, the award is presented “to recognize foreign-owned companies that have made a strategic decision to invest in Maine by either opening a plant or enhancing their existing operations here.”
In 2016, Modula invested over $10 million to modernize its plant in Lewiston. The company upgraded the facility and implemented the latest advanced manufacturing technologies. Those investments resulted in Modula being the only United States manufacturer of automated vertical storage solutions.
Rapid growth ensued, and more investments were made in Modula’s Maine headquarters, which currently employs more than 120 people.
An additional manufacturing plant has recently been added in Franklin, Ohio, to further expand production capacity. These investments are in response to American buyers’ preference for shorter lead times from order to installation and a strong, domestic support network. Modula was founded in Italy and continues to serve the European market with automated storage solutions made there.
“We are absolutely proud and very happy to receive this award from MITC,” said Modula USA CEO Antonio Pagano. “Our company is investing a lot in the U.S. market and in Maine. We want to create a company that has a good environment where people can come and learn and grow. We want to bring value to the local community.”
Honors also were presented to Montalvo Corp., Exporter of the Year; Renewable Power Co., Innovator of the Year; and NaviTrade Structured Finance, Service Provider of the Year. The award winners will be recognized during a virtual Trade Day 2021, May 21, from 10:30 a.m. to noon.
More information and registration is available here.