Investment will support increased economic development in northeast Illinois
CHICAGO – Governor Rod R. Blagojevich today announced a $3.7 million investment package for Tempel Steel Company to maintain and consolidate facilities in the state. The support will leverage a $10 million investment by the company and will result in the retention of approximately 250 jobs. This support comes through Opportunity Returns, the Governor’s comprehensive economic development strategy to create jobs and build the economy in northeast Illinois.
“We understand that the best way to grow the economy is by investing at the local level. Our innovative regional approach to economic development is working – by investing in companies like Tempel Steel, we are supporting economic growth in this region of the state and helping to keep hundreds of jobs here in Illinois,” said Governor Blagojevich.
Tempel Steel, a manufacturer of steel laminations used in electronic motors and transformers, is consolidating its two United States plants into one location to gain greater efficiencies. The new, consolidated plant will be located in Chicago.
“Tempel Steel Company has deep roots in Chicago since it was founded here in 1945 by Tempel Smith; our recent expansion into international markets has not hampered our ties to the City or the importance of our headquarters and manufacturing operations here,” said Vincent Buonanno, Chairman and CEO of Tempel Steel. “Although we have an investment in manufacturing in Monterrey, Mexico, our decision to keep important manufacturing operations in Chicago reflects on the City's ability to provide Tempel with the talent to fill nearly 800 premium manufacturing jobs in an advanced, centrally located facility, so we can best meet the needs of our customers around the world.”
The Illinois Department of Commerce and Economic Opportunity (DCEO) is administering the business investment package. It includes tax credits and exemptions through the Economic Development for a Growing Economy (EDGE) and Enterprise Zone programs. It also includes training funds available through Illinois Employer Training Investment Program (ETIP) and grant money available through the Recycling Expansion and Modernization (REM) Program.
“By making targeted investments on the local level, we are supporting jobs and economic growth across Illinois. Our work with Tempel Steel is also helping the company improve its efficiency and flexibility, which is critical to succeeding in an increasingly global market,” DCEO Director Jack Lavin said.
Governor 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 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. The programs also helps upgrade the skills of the local workforce, increase the access to capital, open new markets, improve infrastructure, and create and retain jobs. Opportunity Returns works to successfully partner with companies and communities, both large and small, to help all of Illinois reach its economic potential.