Strategic State Investment Will Create 35 New Jobs at Cortina Tool & Molding
FRANKLIN PARK–(ENEWSPF)–March 28, 2013. Governor Pat Quinn today announced that 35 new jobs will be created at Cortina Tool and Molding Company thanks to a state initiative that will give the company access to capital to grow and expand. Today’s announcement is part of Governor Quinn’s agenda of creating jobs and driving Illinois’ economy forward.
“Illinois is proud to be home to many strong businesses like Cortina who are helping revitalize our state’s manufacturing sector,” Governor Quinn said. “This investment is a win for Cortina, a win for Franklin Park and a win for Illinois’ economy. We want to do all we can to make sure businesses know about the many ways our state can help them prosper and grow.”
The Illinois Department of Commerce and Economic Opportunity (DCEO) is providing Cortina with access to capital through the Advantage Illinois Participation Loan Program (PLP), a federally-funded program that allows small businesses to obtain medium- to long-term financing to expand their businesses.
Cortina is receiving a loan to put toward the acquisition of Kimberly Clark’s Workzone Products. DCEO is providing half the capital and American Charter Bank is providing the other half. Cortina will acquire that company’s manufacturing equipment and inventory, located in Michigan and Canada, and relocate it to its Franklin Park facility. The move is expected to create 35 jobs over two years.
The acquisition will help Cortina expand its offerings as a specialized plastic injection molder. The company, founded in 1969 in Chicago, makes products such as warning barricades, traffic cones, work lights and reflectors that strengthen the safety of drivers, road construction workers and pedestrians throughout the country, as well as other consumer and industrial products materials like vehicular lenses and housings, promotional and marketing products and display stands.
“The state of Illinois is a committed partner in the advancement of small business,” DCEO Director Adam Pollet said. “Approximately three out of every four workers in Illinois is employed by a small business. By helping them gain access to capital to expand, we help our state prosper and create more jobs.”
At today’s event, Governor Quinn also recognized San Francisco-based Digital Realty Trust for recently investing $28 million in a new data center in Franklin Park. The company’s 575,000-square-foot office and industrial complex will help serve its growing client base of businesses needing data storage and cloud computing services. The company has created 50 new jobs this year and additional improvements to the site will create up to 100 new jobs. It chose Franklin Park due to its proximity to transportation like O’Hare and access to fiber-optic cables.
At Governor Quinn’s direction, the state of Illinois has identified, recruited and supported companies with the potential to bring jobs and economic growth to Illinois. For more information on why Illinois is the right place for business, visit www.illinoisbiz.biz.