Aerospace Manufacturer Woodward Built a $250M Rockford Plant
The Rust Belt can still be an enticing opportunity for manufacturing companies. That's what Colorado-based aerospace company Woodward believed after opening a 450k SF plant outside Rockford July 1. Built at a cost of $250M, it may be seen as a leap of faith by some but Woodward CEO Tom Gendron says Illinois provided the best chance for growth. Crain's reports Woodward chose Rockford despite aggressive pitches from Wisconsin and South Carolina because the state has a small but energetic group of other aerospace companies to work with and an experienced workforce of engineers. Woodward also received $45M in tax credits. Rockford's unemployment rate was at 25.5% two years ago, and Woodward's investment in the town could provide a boon to the local economy and beyond. [Crain's]
