LOVELAND – Today, at the Space Symposium, Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that Denmark-based Multicut, an advanced manufacturer supporting the space, energy and defense sectors, has chosen Loveland, Colorado, for expansion. In Loveland, at the Forge Campus, Multicut will establish a manufacturing site and production facility to produce parts for the U.S. defense industry.

"Multicut's decision to expand in Colorado shows how our state's strong international relationships and terrific business environment create good-paying jobs for Coloradans and boost international investment into our state. I am excited to welcome Multicut, which will create 82 new jobs in Loveland and support the growth of Colorado's defense industry," said Governor Polis.

Multicut's advanced manufacturing system, M·Sys™, rethinks CNC processes to allow for the completion of complex parts in one set up, reducing time while ensuring quality and scalability. The company's current customer base includes Lockheed Martin, Planet Labs, Raytheon and Vestas among others. Establishing a U.S. manufacturing facility in Colorado will enable the company to meet growing demand in the U.S. while building long-term capabilities in ultra-precision manufacturing, automation and robotization, scalable production and world-class quality systems.

"As a Danish company, we value long-term partnerships, innovation, talent, and a collaborative business environment. Colorado delivers on all parameters. We are excited and proud to expand our presence here and to contribute to Colorado's dynamic advanced manufacturing ecosystem," said Frank Duhring, CEO of Multicut North America Inc.

In Loveland, Multicut expects to create 82 net new jobs above the average annual wage in Larimer County. Positions will include engineers and operators involved in machining, cutting, and related manufacturing tasks.

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"Colorado's advanced manufacturing sector is diverse and growing, and we are thrilled to welcome Multicut to Loveland. Their innovative approach to precision manufacturing will benefit our state's and the nation's space, defense and energy sectors while creating good-paying jobs for Coloradans," said OEDIT Executive Director Eve Lieberman.

To support the company's expansion in Colorado, the Colorado Economic Development Commission approved up to $1,038,878 in a performance-based Job Growth Incentive Tax Credit for the company over an eight-year period. These incentives are contingent upon Multicut, referred to as Project Hedge throughout the OEDIT review process, meeting net new job creation and salary requirements.

Larimer County Economic and Workforce Development is supporting Multicut's successful integration into the Northern Colorado industry and talent ecosystem, helping connect the company to workforce resources and talent pipelines that enable growth and long-term success. As the local administrator for the State of Colorado Enterprise Zone, Larimer County also introduced the Enterprise Zone Tax Credit program incentivizing future company investments and growth, which was a contributing factor in the company's decision to locate within the Loveland Enterprise Zone.

"The arrival of this company represents exactly the kind of strategic growth Loveland has been working toward; bringing high-quality jobs to our community, attracting international business, and expanding our presence in aerospace, leading-edge robotics and precision manufacturing, while continuing to position our city as a place where innovation and opportunity can thrive," said Patrick McFall, City of Loveland Mayor.

"Multicut's decision to expand in Colorado speaks to the strength and global reputation of our space ecosystem," said Raymond H. Gonzales, President of the Metro Denver Economic Development Corporation. "This investment not only brings new, highly skilled talent and international presence to our state, but also reinforces the collaborative foundation that has made Colorado a national leader in space. By continuing to attract and grow innovative companies like Multicut, we are building on that momentum and ensuring Colorado remains at the forefront of this critical industry."

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In addition to Colorado, Multicut considered California and Arizona for expansion. The company currently has 220 employees, 219 of which are in Denmark and one of which is located in Colorado.

Expanding investment opportunities between Denmark and Colorado is a strategic priority for the Polis Administration. In June 2024, Governor Polis, officials within the Global Business Development Division and the Colorado Department of Natural Resources led an investment mission to Nordic countries, including Denmark, to explore investment opportunities.

About OEDIT's Global Business Development Division
Global Business Development (GBD) is a division of the Colorado Office of Economic Development and International Trade. GBD supports Colorado businesses and communities by using a data-driven approach to recruit, support, and retain businesses that contribute to a robust and diversified economy. We align our portfolio of programs, services, and incentives with industries that benefit Colorado companies and elevate the state's national and international competitiveness. GBD also hosts foreign delegations and participates in trade and investment missions around the world to strengthen global awareness of Colorado. With a highly educated and motivated workforce, a thriving innovation economy, and nation-leading entrepreneurial spirit, Colorado is a top market for business development.

About the Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado's economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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