The Leader - September 2007 - (Page 134) ecoNomIc developmeNt IN the NeWs citigroup expanding in Western New york Citigroup (Citi), one of the world’s leading financial services companies, has announced plans to double its local work force in western New York during the next three years, creating as many as 700 new jobs at its facilities in Amherst. “Expanding our operations in this region makes infinite sense for Citi,” said Hans Morris, Chief Financial Officer and head of Operations and Technology for Citi’s Markets and Banking division. “We have an extremely strong, effective management team in place and there is a wealth of well-educated, motivated and hardworking talent in this area, with very diverse skills and backgrounds. We have had a very successful tenure here already and I’m confident this is an ideal area for us to continue building our operations.” development Incentives losing luster? Generous tax breaks to lure new and expanding companies’ investment and jobs are coming under increasing scrutiny from state and local officials who argue that taxpayers aren’t getting their money’s worth, according to a recent report in USA Today. Critics say incentives have gotten out of hand. Yet incentives supporters counter that they’re often essential to make deals happen. “A well-thought-out portfolio of incentives is vital to being competitive for quality projects,” said James T. Fain, North Carolina Secretary of Commerce. computer maker chooses mexico, India Chinese computer maker Lenovo plans to build new plants in Mexico and India at a cost of $31 million. The world’s third-biggest producer of computers plans to build its largest factory outside China in Monterrey, Mexico. The plant is expected to be operational by mid-2008 and will churn out 5 million units annually for the North and South American markets. Employment is estimated at 750. In India, the firm will build a smaller factory at Baddi in the northern state of Himachal Pradesh. It will employ 350 people and produce 2 million units annually. creative book publisher picks holland California-based Blurb, the creative book publishing service, has announced its expansion into the European market. The firm is expanding its global reach to include printing, binding and shipping out of a central location in the Netherlands. “We have established local European printing and shipping operations to demonstrate our commitment to the market and provide more affordable shipping,” said Eileen Gittins, Blurb’s founder and CEO. New ethanol plant for michigan Gov. Jennifer M. Granholm and Mascoma Corp. CEO Bruce A. Jamerson have announced that the Massachusetts- based company will build a cellulosic ethanol plant in Michigan in its race to be the first in the nation to produce ethanol from wood on a commercial scale. The plant will turn the state’s abundant, non-food plant life into cleanburning fuel. The Michigan Economic Development Corp. (MEDC), led by President and CEO James C. Epolito, is working with Mascoma on a tax incentive package for the project. Google finds oklahoma the right location for $600 million data center Google Inc. has announced that it will invest $600 million to build a data center complex at MidAmerica Industrial Park in Pryor, Okla. Two buildings are planned, and operations are expected to begin within the next 18 months. New Jobs coming to virginia The Capital Group Companies will invest $12 million in an expansion of its American Funds customer service center in Chesapeake, Va., that will create an estimated 250 jobs. The Capital Group is one of the largest investment management firms in the world, managing investments for mutual fund investors, institutions and high net-worth individuals. The Chesapeake center provides customer service to American Funds investors, including investors in the Virginia/American Funds CollegeAmerica program. th e le ade r 134 september / october 2007
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