2021 Foreign Direct Investor of the Year – Modula
The Foreign Direct Investor of the Year Award is presented annually 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.
Headquartered in Italy, Modula manufactures automated storage solutions designed to maximize space and optimize picking. In 2015, the company invested $10 million in a plant in Lewiston which currently employs nearly 120 people. With two manufacturing plants (Lewiston, ME and Franklin, OH), the company is the only manufacturer of this type of automated storage solution made in the USA. Their Vertical Lift Module (VLM) acts like a giant vending machine, making anyone with a warehouse a potential customer. This wide range of customers allowed Modula to weather the economic impacts of COVID-19. Revenue lost in the automotive and aerospace industry was mitigated by an increase in demand from pharmaceutical and food and beverage customers. Modula is seeing a strong Q4 and continues to hire new employees in Maine.
“We are absolutely proud and very happy to receive this award from MITC,” says Modula USA CEO Antonio Pagano. “Our company is investing a lot in the US 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.”