State Investment will Help Company Expand Operations, Boost North Central Illinois Economy
PEKIN–(ENEWSPF)–January 17, 2012. Governor Pat Quinn today announced that Excel Foundry & Machine, a company located in Pekin, Illinois, plans to expand operations and create 100 new jobs over the next two years. The state’s investment will help Excel, a manufacturer of bronze parts for the mining industry, expand its global footprint and boost economic development in North Central Illinois.
“Illinois’ strong manufacturing tradition is due in large part to the strength of our workforce, our ability to help companies to move product quickly and our investments in infrastructure,” Governor Quinn said. “Excel is one example of how supporting our small and mid-sized manufacturers continues to increase Illinois’ competitiveness.”
Excel plans to invest $7.4 million to construct a new 108,750 square foot warehouse adjacent to its existing plant, in addition to an 8,600 square foot addition to the main office and a 3,373 square foot addition to the foundry. The project will result in 100 new jobs in addition to its existing 230-person workforce.
The state is investing more that $1 million consisting of Economic Development for a Growing Economy tax credits, which are based on job creation, and an Employer Training Incentive Program grant to help enhance the skills of its workforce. The state’s investment is contingent on the company meeting its investment and job numbers.
Tazewell County will also receive a $750,000 Community Development Assistance Program grant through the Illinois Department of Commerce and Economic Opportunity (DCEO), and more than $859,000 through the Illinois Department of Transportation’s (IDOT) Economic Development Program for road improvements to accommodate the expansion.
“I am pleased that Excel will continue its tradition of manufacturing excellence right here in Illinois,” said DCEO Director Warren Ribley. “Through projects such as this, we are keeping our manufacturing sector strong, creating jobs for the future and supporting our long-term economic growth.”
“Providing safe, reliable infrastructure is critical to protecting and creating jobs,” said Illinois Transportation Secretary Ann Schneider. “We are proud to contribute to a project that will help a local company grow and invest in the community.”
Illinois added 62,300 jobs in 2011 and 105,600 jobs since January 2010. Since January 2010, the state has added 18,200 manufacturing jobs.
For more information on why Illinois is the right place for any business, visit www.illinoisbiz.biz