The Illinois Department of Commerce recently approved three companies to receive Economic Development for a Growing Economy (EDGE) tax credits.
The three companies have committed to creating a total of 87 new jobs and $27 million in capital investments. Due to Gov. Bruce Rauner’s decision to reinstate EDGE tax credits, the companies will be eligible for the tax credits after the FY16 budget is approved and the commitments have been made for capital investments and creating new positions.
Bell Flavors & Fragrances, Inc., based in Northbrook, will use a $10 million investment to expand their facilities and add 25 new full time jobs to the 179 existing positions. Bell Flavors & Fragrances specializes in creating new taste and scent sensations for beverages, cosmetics, foods, household and personal care products.
Fabrik Industries, Inc. is based in McHenry. The company will make investments of $5 million to expand to a new facility, purchase equipment and create 25 new jobs, which will increase the employee base to 289 full-time positions. Fabrik Industries manufactures components for a variety of applications, including automotive, consumer, industrial and medical products.
The third Illinois company to receive EDGE tax credits is Taurus Die Casting, LLC. The Italian manufacturer opened its first U.S.-based operation in Rockford. Taurus Die Casting produces high precision zinc die casted parts. Its $6.4 million investment in a 44,000-square-foot facility will create 37 full-time jobs.
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