SKF to invest $34 million in NorthPark project, create 73 jobs
Resource from: The Business Journal Likes:230
Oct 21,2014
This article has been updated to include SKF's projected total investment, including personal property inside the proposed facility, and information on tax incentives.
SKF plans to build an engineering and manufacturing campus for industrial lubrication systems in NorthPark beginning this fall.
The company will invest $34.2 million for the building, plus another $20 million for personal property, and create 73 new jobs over the next six years, according to a statement from the St. Louis Economic Development Partnership.
The facility, at Hanley Road and Springdale Avenue, will be completed in December 2015, pending state and St. Louis County incentives. SKF would receive a 50 percent tax abatement for 10 years on real and personal property from the county, according to St. Louis Economic Development Partnership spokeswoman Katy Jamboretz. Construction materials would also receive a sales tax exemption. The St. Louis County Council will take up the matter Tuesday evening. If the company creates all 73 jobs, it could access up to $767,339 through the Missouri Works Program, according to Missouri Department of Economic Development spokeswoman Amy Susan.
Clayco will construct the 310,986-square-foot facility, which is planned to qualify for Leadership in Energy and Environmental Design (LEED) certification.
Sweden-based SKF currently employs 388 people in St. Louis, and has more than 48,000 employees total operating in 130 countries. SKF's lubrication business unit is based in St. Louis. With headquarters in Gothenburg, Sweden, SKF has operations worldwide and supplies products and services within the roller bearings, seals and lubrication systems platforms. In 2010, it bought Lincoln Industrial Corp. from St. Louis investment firm Harbour Group for $1 billion.
(The Business Journal)
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