State Investment Package to Help Retain Over 300 Jobs at A. Finkl & Sons
CHICAGO ï¿½ April 12, 2011. Governor Pat Quinn today announced a $10.3 million business investment package to help Chicago-based steel manufacturer A. Finkl & Sons Co. expand its operations. The stateï¿½s investment will leverage about $150 million in private investment and help keep more 300 jobs in Illinois.
ï¿½If we want to remain competitive in todayï¿½s global economy, we must continue to invest in areas like manufacturing,ï¿½ said Governor Quinn. ï¿½Weï¿½re helping to keep good-paying, sustainable jobs right here in Illinois, boosting our manufacturing industry and improving our economic competitiveness.ï¿½
A. Finkl & Sons, the worldï¿½s leading manufacturer of specialty steel alloys, will construct a new $150-million manufacturing campus on Chicagoï¿½s south side. After more than a century on Chicagoï¿½s north side, Finkl has been working with state and city officials to relocate to a larger facility that would allow the company to expand production and increase its product lines to serve a growing global marketplace. The company plans to redevelop the 44-acre former Verson Steel plant that has been vacant for many years. The plant will serve as the companyï¿½s North American headquarters. Finkl considered other locations for expansion, but ultimately opted to remain in Chicago rather than move out of state or to Quebec, Canada.
"Illinois is a competitive place to do business, and Finklï¿½s decision to stay in the state is a huge positive for our economy and for job growth and investment,ï¿½ said Warren Ribley, director of the Illinois Department of Commerce and Economic Opportunity. ï¿½By supporting the Finkl project, we are helping to ensure businesses can remain and thrive.ï¿½
DCEO is administering the stateï¿½s $10.3 million business investment package. The package consists of Economic Development for a Growing Economy (EDGE) tax credits and Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of the companyï¿½s workforce. In addition to support from the state, Chicagoï¿½s Community Development Commission approved $20 million of support through the Burnside Tax Increment Financing (TIF) district.
Illinois continues to see strong signs of economic growth and recovery. Since January 2010 when Illinois employment resumed after the national recession, the state has added 85,100 new net jobs, including nearly 10,000 manufacturing jobs. February marked the 13th straight month of declining unemployment. Illinois ranks first in the Midwest for exports and foreign direct investment.