New Balance issued a statement commending U.S. Sen. Susan Collins, R-Maine, for her support of the Republican-led tax reform legislation approved by the Senate early Saturday morning, according to MaineBiz.
The company employs 900 at its Maine manufacturing facilities in Skowhegan, Norridgewock and Norway and has five facilities overall in New England.
New Balance said in its statement that the legislation “will enhance the ability of the company to grow and create additional jobs in key U.S. regions like Maine.”
In particular, New Balance commended the bill for lowering the corporate tax rate from 35 percent to 20 percent, improving cost recovery for capital investments and bringing back foreign profits through deemed repatriation.
“New Balance is proud to employ hundreds of hardworking Americans who manufacture athletic footwear in the United States,” the company said in its statement. “We applaud Sen. Collins’ efforts to encourage greater growth at our U.S. factories by reducing the corporate tax burden, incentivizing capital investment and creating long-term certainty. The Senate bill will allow New Balance to be more competitive and manufacture more footwear in Maine that we can export across the globe.”