50 New Jobs Will Be Created As Part of the Company’s $38 Million Expansion

CHICAGO – Gov. Rod R. Blagojevich today announced an almost $3.8 million business investment package for General Mills, a leading global manufacturer and marketer of consumer foods products, to help expand its current Belvidere facility and bring in a new frozen production line.  The company is investing $38 million in this major expansion project, which will create 50 new jobs over the next two years and keep 500 other jobs there.  The business investment package comes as a part of Opportunity Returns, the Governor’s comprehensive economic development strategy to continue creating new jobs and spurring more growth across the Rock River Valley.
“In this global economy, companies have many choices for these types of significant expansion projects, but General Mills chose to invest $38 million right here in Belvidere.  We’ve made a strong commitment to this world-class company, and it has made an equally strong commitment to Illinois.  By investing in companies that are investing in Illinois, we’ve built a business climate that is encouraging innovation and creating and retaining more good jobs,” Gov. Blagojevich said.

DCEO is administering the business investment package that includes Economic Development for a Growing Economy (EDGE) corporate income tax credits over ten years based on job creation and retention, a grant for infrastructure improvements, Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of its workforce and additional financial benefits, such as sales tax exemptions and tax credits for job creation and retention, resulting from the company’s location within an Enterprise Zone.    
"General Mills values the continued partnership with the state of Illinois, and looks forward to continuing to grow in Belvidere," said Vince Castle, General Mills plant manager.

“We’ve worked together very closely with General Mills to bring more good jobs to Illinois, which means it will continue making an important economic impact throughout the region.  By ensuring that companies like General Mills have a top of the line workforce and facilities, Gov. Blagojevich is giving them the tools they need to increase their competitiveness and create even more new jobs,” DCEO Director Jack Lavin said.
General Mills, with annual net sales of $12.5 billion, is a leading global manufacturer and marketer of consumer foods products.  Its global brand portfolio includes Betty Crocker, Pillsbury, Green Giant, Häagen-Dazs, Old El Paso and more. It also has more than 100 U.S. consumer brands, more than 30 of which generate annual retail sales in excess of $100 million.  General Mills also is a leading supplier of baking and other food products to the foodservice and commercial baking industries.

Since January 2004, Illinois has gained almost 175,000 jobs, which is best in the Midwest.  Illinois led the nation in new job growth in January 2007 with 19,100 new jobs.  In 2006, Illinois gained 71,000 new jobs, which is the best calendar year gain since 2000.  Over the last 4 years, from January 2003 to December 2006, Illinois had the second largest unemployment rate drop in the nation.  The federal Bureau of Labor Statistics and the Illinois Department of Employment Security compiled these statistics.
 
Gov. Blagojevich’s Opportunity Returns regional economic development strategy is the most aggressive, comprehensive approach to creating jobs in Illinois’ history.  Since a one-size-fits-all approach to economic development just doesn’t work, the Governor has divided the state into 10 regions – each with a regional team that is empowered and expected to rapidly respond to opportunities and challenges.  Opportunity Returns is about tangible, specific actions to make each region more accessible, more marketable, more entrepreneurial and more attractive to businesses.  It is about upgrading the skills of the local workforce, increasing the access to capital, opening new markets, improving infrastructure, and creating and retaining jobs.  Opportunity Returns is about successfully partnering with companies and communities, both large and small, to help all of Illinois reach its economic potential.