* Finally, some results from Gov. Rauner’s European trade mission…
A German cosmetics manufacturer is opening a plant in Elgin with state incentives, giving Gov. Bruce Rauner a chance to credit a trade mission he took to Germany and Poland in April.
The factory, operated by a unit of pencil maker Faber-Castell, will start with 10 to 15 employees and aim to expand to 50 within three years, a threshold for job- and investment-linked subsidies under the state’s revamped EDGE program.
The plant will make cosmetic pencils, beginning this fall.
Christina Zech, managing director of Faber-Castell Cosmetics, said other states, including Wisconsin, offered more money upfront, but Illinois won out, mainly because of its central-U.S. location and access to O’Hare International Airport. Under EDGE, companies can get a credit against income taxes equal to 50 percent of withholdings associated with each new job, up to the level of projected investment.
State economic development officials learned last summer of Faber-Castell’s interest at a Commerce Department conference in Washington, according to Mark Peterson, CEO of Intersect Illinois, a privately funded economic development office. “That set the table.” Rauner then scheduled a stop at corporate headquarters in Stein, Germany.
…Adding… Text from an African-American legislator…
All that money for eyebrow pencils. We have cosmetic companies - minority ones- who could have added ‘10-15′ employees and made these things here with just a small incentive from DCEO. He coulda saved a trip.
He pointed to Summit Labs and Luster Products as just two examples.