Online Staff Report
Illinois Gov. Pat Quinn (D), Friday, May 16, announced a $4 million expansion at Slidematic Precision Components’ Rockford facility that will create 30 new full-time jobs.
The manufacturer of metal fastening products already employs 120 people in the Rockford area. Today’s announcement follows recent news that Illinois’ unemployment rate is at its lowest point since 2008 and is part of Quinn’s agenda to keep the progress going by creating jobs and driving Illinois’ economy forward.
“Slidematic’s sales have more than doubled in the past few years, and this expansion will allow them to continue growing and creating more jobs in northern Illinois,” Quinn said. “This company’s continued growth is further proof that Illinois is one of the best places in the world to do business.”
Slidematic will purchase property on Sandy Hollow Road formerly known as the Gates Rubber facility and convert it into manufacturing space to supplement the capacity at their existing facility on nearby Samuelson Road. The company will invest $4 million in the expanded operation.
“One of the keys to our success has been the move to Rockford,” Slidematic President Randy Baker said. “The work force we were able to tap into created a world class culture within the organization, upon which we have been able to build our successes.”
Slidematic will receive an assistance package from the Illinois Department of Commerce and Economic Opportunity (DCEO) worth an estimated $1 million, a major determining factor in the company’s decision to expand in Rockford. DCEO assistance includes a $350,000 loan through the state’s Advantage Illinois program, which helps small businesses gain access to capital and is federally funded.
The Advantage Illinois loan for this project is administered in partnership with Alpine Bank of Rockford. Slidematic is also eligible for Economic Development for a Growing Economy (EDGE) tax credits worth $639,000, which are issued based on job creation. The EDGE tax credits are performance-based, meaning a company is not eligible for them unless it meets its commitment to create new jobs, keep existing jobs and make the agreed upon private investment. The company will also receive an $11,000 Employer Training Investment Program grant to train the new workers it will hire during the expansion.
“Successful and expanding business like Slidematic play a vital role in creating jobs and fueling economic growth in Illinois,” DCEO Director Adam Pollet said.
Slidematic Precision Components Inc. manufactures and distributes cold headed fasteners including nuts, bolts, screws and other products. It sells products throughout the United States and services the automotive, outdoor power equipment, heating and air conditioning, heavy truck, hand tool, small engine, agriculture, boating, housing, and powersports industries. The firm has been located in Rockford since 2004.
Today’s event follows news that Illinois’ unemployment rate for April dropped to 7.9 percent – its lowest level in more than five years and lower than when the Governor took office. Since the peak of the recession, Illinois has added nearly 250,000 jobs. More people working in Illinois last month pushed the rate down 0.5 points, the lowest rate since December 2008 and largest monthly decline in the history of this data series that began in 1976.
Since taking office and inheriting decades of mismanagement, the Governor has enacted worker’s compensation reform and unemployment insurance reform to make Illinois a better place to do business, in addition to major fiscal reforms such as pension reform and Medicaid restructuring that are restoring fiscal stability to Illinois. Today Governor Quinn is pushing a new tax cut for businesses that provide job training. By lowering the cost to train workers, this will make it easier for businesses to create new jobs and ensure workers have the skills to drive a 21st century economy.
The Governor is also proposing to reduce the fee to establish a Limited Liability Corporation (LLC) by more than 90 percent, from $500 to $39 – the lowest in the nation. Formation as an LLC encourages entrepreneurs to invest their time and money into viable business enterprises. Reducing the filing fee to $39 would make it easier for small businesses to start and grow in Illinois.
For more information on why Illinois is the right place for business, visit www.illinois.gov/dceo.