State Support Leveraging Millions in Private Investment That Will Keep 129 Jobs in Danville
CHICAGO – In his continued effort to help Illinois businesses expand, Gov. Rod R. Blagojevich today announced a business investment package of up to $1.09 million to ThyssenKrupp Crankshaft Company, a manufacturer and supplier of high-tech plant, machinery and automotive crankshaft components, to help the company expand operations at its Danville facility. The company is investing approximately $40 million to install a new machining line into a recently renovated facility located next to its Danville forging operation, which will help the company retain its 129 employees in Danville. This support comes as part of Opportunity Returns, the Governor’s comprehensive economic development strategy to create even more jobs and spur additional growth in East Central Illinois and throughout the state.
“ThyssenKrupp has made a strong commitment to Vermilion County, and we are just as committed to supporting this world-class company as it continues to expand. Businesses certainly have many choices for where they want to locate, and this is another good example of a business choosing to expand here in Illinois. By creating a business climate that encourages innovation and investment, we are helping many companies like ThyssenKrupp remain competitive, while creating better jobs for more people,” Gov. Blagojevich said.
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. The company is expanding its machining operations and will invest $40 million for state-of-the art machining equipment, building costs and job training. This new machining line will be used to eventually produce a wide range of heavy duty crankshafts used primarily in the United States over-the-road truck market.
The Illinois Department of Commerce and Economic Opportunity (DCEO) is administering the business investment package. It includes Employer Training Investment Program (ETIP) job training funds to enhance workforce skills and a grant for road infrastructure improvements. The Illinois Department of Transportation (IDOT) is also providing grant assistance through its Economic Development Program (EDP) to assist with road improvements.
“ThyssenKrupp understands that Vermilion County has all the ingredients already in place to help it continue to grow and prosper. Gov. Blagojevich and I are happy to help support this expansion and to continue working together with the company for many years to come, which is going to mean a long-term economic boost for our entire regional economy,” State Senator Michael Frerichs (D-Champaign) said.
“This expansion is great news for Danville and our regional economy. A top priority for Gov. Blagojevich and I is to keep good jobs right here in Vermilion County, and, through investments like these, we will continue working together to help put even more people to work. My thanks to ThyssenKrupp for its unwavering commitment to Illinois and our local community, which will continue to have a strong, positive impact for years to come,” State Rep. Bill Black (R-Danville) said.
“Gov. Blagojevich and I are excited to be working together with ThyssenKrupp to enhance its operations in Vermilion County. This investment is helping the company maintain its strong competitiveness in the marketplace and keep our regional economy moving forward,” DCEO Director Jack Lavin said.
Since January 2004, Illinois has gained more than 184,000 jobs, which is best in the Midwest. Illinois employers reported a gain of nearly 47,000 new jobs in the last year (August 2007 compared to August 2006) and Illinois led the nation in new job growth in January with 19,100 new jobs and in June of this year with 12,400 new jobs. In 2006, Illinois gained 71,000 new jobs, which is the best calendar year gain since 2000. The federal Bureau of Labor Statistics and the Illinois Department of Employment Security compiled these statistics.
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.