An international company that manufactures transit packaging equipment plans to consolidate its Glenview and Pennsylvania offices into a new headquarters in Elk Grove Village.
Signode Industrial Group is spending nearly $15 million to transform a former 253,000-square-foot distribution warehouse into its state-of-the-art research and development center, packaging lab and showroom, and corporate offices.
Much of the building at 1717 Busse Road will be the manufacturing and assembly area for Signode's transit packaging consumables, tools, software and equipment, which protect products in transit, company officials said.
The company, which has 80 manufacturing sites across six continents, does $2 billion in revenue annually. The firm represents the transit packaging division of parent company Crown Holdings.
Plans call for as many as 255 jobs at the Elk Grove plant, including 160 relocating from Glenview and 32 from Pennsylvania, as well as 60 to 70 new jobs over the next decade.
Company officials looked at three locations in DuPage County, but the Elk Grove Village board last week endorsed a Cook County Class 6B tax break, which allows the Busse Road building to be assessed at lower levels over the next 12 years. If given final approval by county commissioners, the site would be assessed at 10% of market value for the first decade, 15% in the 11th year and 20% in the 12th year. Industrial property normally is assessed at 25%.
Real estate taxes without the tax incentive would be $816,000 a year. With it, they would be $460,000.
Signode is leasing the building from Duke Realty.