A 170,000-square-foot expansion of a soybean processing plant will create 40 new jobs in Illinois.
Incobrasa Industries LTD, which has had a manufacturing presence in the state since 1997, is investing more than $250 million in its Gilman site for a soybean crushing facility.
Gov. JB Pritzker said the company will “more than double” its production capacity by 2030.
“That’s a win for Gilman, for Illinois, and for the nation,” Pritzker said. “In addition to sustaining and creating new, permanent, good-paying careers, this new $250 million expansion will mean dozens of construction and installation jobs for workers here in Iroquois County and across the region. We’re making it easier for companies to do business in Illinois. We’re investing in our skilled workforce. And we’re modernizing our transportation systems, roads, ports, and airports. Illinois is on the rise and open for business.”
Soybeans at the Iroquois County site are processed for animal feed, packaged vegetable oil, and biodiesel. Illinois is the largest soybean producer in the U.S.
Incobrasa’s investment is “bolstered” by the Illinois Department of Commerce and Economic Opportunity’s Economic Development for a Growing Economy (EDGE) tax credit, according to DCEO Director Kristin Richards.
“Through a variety of business attraction incentives, the state of Illinois is committed to supporting businesses with a shared commitment to investing in Illinois’ communities while spurring economic development,” Richards said.
The EDGE tax credit, established in 1999, “provides annual corporate tax credits to qualifying businesses” that support job creation, capital investment, and increase the standard of living, according to the DCEO. It originally ended in 2016, but was extended through April 2017, then reauthorized that September. It has since been extended through June 2027.
Check out all the latest news related to Illinois economic development, corporate relocation, corporate expansion and site selection.