One of the worldâ€™s largest diesel manufacturers will set up its North American headquarters in Rolling Meadows, IL
Weichai Group, whose international headquarters is located in Weifang, China, will open a major technology development and testing center in Cook County, Illinois, to be known as Weichai America Corporation. The center will serve as the focal point of the Weichai Groupâ€™s effort to expand its operation in North America. Weichai Group manufactures engines, powertrain systems, and core accessories while serving customers in over 150 Countries. The Weichai Americaâ€™s redevelopment project will require interior demolition and renovation of a 166,772 square foot office building, located in the City of Rolling Meadows.
Weichai was granted a Class 7b property tax incentive from Cook County in July 2014. Class 7b property tax incentives must be used for commercial purposes, and involve new construction or substantial rehabilitation of abandoned commercial property, for projects totaling more than $2 million. Qualifying properties can apply to receive a 12 year reduction in real estate assessments from the standard commercial assessment rate of 25%.
“Under my administration, the Cook County Bureau of Economic Development has revised the use of property tax incentives to stimulate growth and make the process more efficient and transparent,â€ said Cook County President Toni Preckwinkle. â€œI am pleased that a major international manufacturer such as the Weichai Group sees the benefit of locating their center of operations for North America in Cook County. Our economic development programs are designed to work with companies that are serious about creating jobs and helping grow our communities in Cook County.”
â€œRolling Meadows was chosen as the North American headquarters for Weichai America Corp because of the proximity to a high tech supply base, Weichaiâ€™s customers, and availability of highly skilled and talented personnel,â€ said Houman Kashanipour, President of Weichai America Corporation. â€œIllinois was attractive to Weichai America because of its central location in the United States and its conducive environment for growing businesses. Weichai America looks forward to continued cooperation with local, County, and State agencies as our commercial activities expand in these new markets.â€
Cook County partnered with State of Illinois, City of Rolling Meadows, Rolling Meadows Chamber of Commerce, and Congresswoman Tammy Duckworth to bring Weichai to Rolling Meadows.
“The Rolling Meadows Chamber believes this is justÂ the beginning of more dynamic collaborations involvingÂ chambers and governmental agencies coming together to work with the business community at large,” stated Linda Ballantine, Executive Director, Rolling Meadows Chamber of Commerce.
The project will result in the creation of approximately 51 construction jobs, plus over 50 full time technology based jobs.Â As Weichai America expands, so will its potential to add jobs. Construction on the site has begun and is scheduled to be completed next year.