Henkel Corporation Moving Headquarters and Creating Hundreds of Jobs in ConnecticutAll Articles
Connecticut DECD has offered Germany-based Henkel Corporation up to $25 million to relocate its headquarters from Scottsdale, Arizona to Stamford, Connecticut.
Earlier this year, Henkel announced the acquisition of Connecticut-based The Sun Products Corporation, a leading manufacturer and marketer of laundry care products.
With the acquisition of Sun Products, Henkel is the #2 laundry and home care products company in North America.
Henkel plans on relocating its Arizona operations, which currently serves as Henkel's Beauty Care and Laundry & Home Care headquarters, to Stamford, in a location yet to be determined. Henkel is planning a $50 million project that will create up to 266 new jobs in the state. The relocation is expected to begin in the second quarter of 2017. As part of the project, Henkel is committed to retaining the combined jobs from its former Sun Products facilities, as well as its North American headquarters and Adhesive Technologies General Industries division in Rocky Hill. Henkel and Connecticut have been partners in economic development since 1997, when Henkel acquired Loctite Corporation.
The City of Stamford has taken steps over the last few years to create a business climate that attracts companies like Henkel. As part of the relocation, the company will be the latest to participate in the state's First Five Plus program, which is operated under the Connecticut Department of Economic and Community Development (DECD).
The department will provide a ten-year, $20 million low-interest loan to support the project. In addition, the company may also be eligible for up to $5 million in tax credits through the Urban and Industrial Sites Reinvestment Tax Credit program, which allows for a dollar-to-dollar corporate tax credit of up to 100 percent of capital investment on eligible projects. DECD's financial assistance will be used for renovations and leasehold improvements, and fixtures and equipment, as well as other project-related costs.
The First Five program provides incentives to the first five businesses that, depending on the size of the company’s investment, create a minimum of 200 new, full-time jobs in the state within the next two years, or 200 new, full-time jobs in the state within five years.
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