Mining company to bring 150 jobs over 4 years to Ill. | News
MT. VERNON, IL (KFVS) - The Illinois Department of Commerce and Economic Opportunity Assistant Director Dan Seals joined local officials to announce Friday that a coal mining equipment manufacturer in investing more that $13 million over four years to expand its current Mt. Vernon facility.
As part of the investment package, the company, Magnum Steel Works, Inc. will create and retain 52 Illinois jobs over two years via the company's initial $4 million investment.
The company says they expect to invest an additional $9 million over the next four years, bringing their total investment to $13 million. The total expansion project is expected to create and retain more than 150 Illinois jobs over four years.
“With world-class transportation networks and the best workforce in the nation, Illinois has all the tools a company needs to grow and thrive,” said Governor Quinn. “We will continue to do everything we can to work with small businesses like Magnum Steel Works to continue the state’s economic recovery and put more people to work.”
DCEO will provide Magnum Steel Works with Economic Development for a Growing Economy tax credit, which are based on job creation, and job training grants. The state’s business investment package is valued at approximately $540,000 over 10 years and is contingent on the company meeting its investment and job numbers.
For more information on DCEO, you can visit them online at www.ildceo.net.
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