Governor Announces Presta Expansion in Danville
FOR IMMEDIATE RELEASE
November 29, 2000
SPRINGFIELD -- Governor George H. Ryan today commended Krupp Gerlach Company for its plans to expand its Presta Division in Danville. The expansion is anticipated to add 50 new jobs over the next 2 to 3 years.
"My administration has made a commitment to creating a business climate in Illinois that gives companies like Presta an opportunity to grow. That commitment is paying off in Danville and communities across the state as companies expand and create new jobs," Ryan said.
The expansion will add approximately 22,000 square feet of manufacturing space to the company's existing 120,000 square foot facility. The building expansion will begin in the spring of 2001, with initial production scheduled for the third quarter of 2001. The state of the art technology, equipment and building will require an estimated total investment of up to $20 million.
The Illinois Department of Commerce and Community Affairs (DCCA) assisted Presta with its expansion plans. The new EDGE program, which provides tax credits based on new jobs created, was one incentive offered by DCCA for the project.
"DCCA has worked closely with Danville officials in recent months to bring new jobs to the community. We've found the EDGE program in particular has helped level the playing field as we compete for jobs with other states," DCCA Director Pam McDonough said.
In addition to EDGE, the company is eligible for Enterprise Zone and Large Business Development Program assistance and up to $50,000 in matching funds for job training under the DCCA's Industrial Training Program.
Presta Division Vice President, Adolf Pfeiffer commented that the choice to expand the Presta Division in Danville was due, in part, to the "hard work and financial assistance secured through the State of Illinois the efforts of the Danville Area Economic Development Corporation."
The decision to locate the new operations in Danville was made after considering 3 other sites in 2 Midwestern states.
"The Krupp Gerlach Company has shown tremendous confidence in the Danville area and the state of Illinois, particularly with the rapid growth and expansion of the Presta Division here since 1993. We are most grateful to Governor Ryan and the State of Illinois for providing the critical support that allows us to be competitive for these continued investments and highly skilled new jobs," said Vicki Stewart, President of the Danville Area Economic Development Corporation."
Presta has created approximately 270 new jobs at its Danville facility since 1993. Presta is a market leader in the design and manufacture of cold forgings, steering assemblies and camshaft assemblies.