Continental Tires the Americas Announces $224 million Investment at Mt. Vernon, Illinois Site: 444 New Jobs Expected
05/13/2011
The announcement was made at a news conference on Thursday, May 13th at the CTA Mt. Vernon plant. Total investment in Mt. Vernon by CTA since 2006 will now stand at more than $486 million according to a press release from the company. A press release from the Governors Office noted that during that time, employment at the plant has grown by 430 jobs, bringing the current plant employment to 2,588. The new investment will bring the total number of jobs at the plant to 3,000.
Members of Governor Pat Quinn's administration joined CTA officials in highlighting legislation the Governor signed last week (Senate Bill 4) which was key to CTA's investment in the plant. The expanded Economic Development for a Growing Economy (EDGE) tax credit allows qualifying companies to apply their EDGE tax credit against either the company's annual withholding tax liability or their annual corporate income tax liability.
The Illinois Department of Commerce and Economic Opportunity (DCEO) is administering the state's $22 million business investment package. In addition to the EDGE tax credits, the package consists of Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of the company's workforce, and a Large Business Development Grant to assist Continental with capital expenses associated with this project. The company is also eligible for benefits from being located in an Enterprise Zone.
Increasing demand for Continental and General brand passenger and light truck tires in North and South America is the impetus behind the investment noted Matthias Schoenberg, CEO of Continental Tire the Americas, "Continental Tire the Americas is experiencing significant growth and demand for its tires throughout the region," said Schoenberg. "Adding production capacity to meet this demand was essential. And, the Mt. Vernon employees earned this investment as they continue to prove that they are competitive on a global level."
The expansion announcement comes on the heels of an announcement in April by CTA that funding was approved for a greenfield tire plant in North America.
"While we don't have any details to share at this time regarding the potential new plant in North America, we hope to have an announcement to make later this year," Schoenberg said. "With all this activity in the region I am confident that Continental Tire the Americas will continue on this successful path of providing our customers in North and South America with a broad selection of outstanding tires for their cars and trucks."
Project Announcements
GE Appliances Expands Jefferson County, Kentucky, Operations
06/30/2025
ValorFlex Packaging Plans Bowling Green, Kentucky, Production Operations
06/30/2025
Neuro.io Plans Terrebonne Parish, Louisiana, Operations
06/30/2025
Germany-Based MTU Maintenance Expands Fort Worth, Texas, MRO Operations
06/30/2025
Cascade Die Casting Group Expands High Point, North Carolina, Manufacturing Operations
06/30/2025
BuildOps Plans Raleigh, North Carolina, Operations
06/30/2025
Most Read
-
20th Annual Area Development Gold and Silver Shovel Awards
Q2 2025
-
First Person: Joe Capes, CEO, LiquidStack
Q2 2025
-
The Legal Limits of DEI in Incentives Agreements, Hiring, and Contracting
Q2 2025
-
From Silicon to Server: Mapping the Data Center Supply Chain
Q2 2025
-
39th Annual Corporate & 21st Annual Consultants Surveys: What Business Leaders and Consultants Are Saying About Site Selection
Q1 2025
-
Rethinking Life Sciences Site Selection in a Resilient and Dynamic Market
Q2 2025
-
Top States for Doing Business in 2024: A Continued Legacy of Excellence
Q3 2024