Investment package supports continued economic growth in East Central Illinois
SPRINGFIELD – Governor Rod R. Blagojevich today announced a $4.5 million investment package for ThyssenKrupp Crankshaft Company, a manufacturer and supplier of high-tech plant, machinery and automotive crankshaft components, to relocate their machining operations from Fostoria, Ohio to Danville. The state’s investment will leverage millions in private investment that will result in the creation of 200 new jobs and the retention of 130 jobs. The investment package comes as a part of Opportunity Returns, the Governor’s comprehensive economic development strategy to create jobs and build the economy in East Central Illinois.
“We’re continuing to make sound investments in our communities because we understand this will lead to better jobs, increased economic development and spur innovation across the state. And while we’re continuing to see the benefits of these efforts we are motivated to do even more, which is why passing a capital plan is critical to our ability to be able to attract more promising investments like ThyssenKrupp into the state,” said Gov. Blagojevich.
ThyssenKrupp Crankshaft Company is part of ThyssenKrupp Technologies, one of five segments of the overall ThyssenKrupp Group, and produces a wide range of forged and machined crankshafts ready-to-install for the heavy duty market serving the North American market.
“This move is great news for Danville and the entire region because it will help put more people to work and provide an extra boost to the regional economy. We are already seeing the benefits of this project based on ThyssenKrupp’s continued prosperity and the addition of 200 jobs. This is a great day for the people of East Central Illinois,” Sen. Michael Frerichs said.
“ThyssenKrupp has maintained such a strong presence in Vermilion County for many years. This expansion will not only benefit Danville, but also the entire region. We will continue to seek out new opportunities to attract strong, quality investments to East Central Illinois,” said Rep. Bill Black (R-Danville).
DCEO is administering the business investment package. It includes Economic Development for a Growing Economy (EDGE) corporate income tax credits over the next ten years based on job creation, Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of its workforce and grants from DCEO and IDOT for road infrastructure improvements. In addition, the companies will benefit from being located in an Illinois Enterprise Zone.
“ThyssenKrupp has had a longstanding presence in this region, and we’re excited that they have chosen to expand in Illinois. This move will mean more jobs for the people of this community and greater opportunities for economic development in the region,” DCEO Director Jack Lavin said.
Gov. Blagojevich’s Opportunity Returns regional economic development strategy is the most aggressive, comprehensive approach to creating jobs in Illinois’ history. Since a one-size-fits-all approach to economic development just doesn’t work, the Governor has divided the state into 10 regions – each with a regional team that is empowered and expected to rapidly respond to opportunities and challenges. Opportunity Returns is about tangible, specific actions to make each region more accessible, more marketable, more entrepreneurial and more attractive to businesses. It is about upgrading the skills of the local workforce, increasing the access to capital, opening new markets, improving infrastructure, and creating and retaining jobs. Opportunity Returns is about successfully partnering with companies and communities, both large and small, to help all of Illinois reach its economic potential.