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EDA awards $5.2M to five companies

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The New Jersey flag.
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Five companies were awarded roughly $5.2 million in combined Grow New Jersey incentives from the state Economic Development Authority at its Thursday meeting, the EDA announced.

Paterson-based based Kontos Foods received nearly $3 million in tax incentives annually over the next decade, which was the largest award, to encourage it to expand its operations and stay within state.

Kuehne + Nagel, a global provider of integrated supply chain solutions, was approved for $1.4 million over 10 years in tax incentives to keep its Northeast headquarters in Jersey City rather than moving to Atlanta, and is considering adding up to 50 new employees.

Germany-based Bauer Media Group, which owns over 600 magazine titles, over 400 digital products and 50 radio and TV stations around the world, was awarded $219,615 over 10 years to open an office in Englewood Cliffs. The company is expected to make a significant, but as-yet undetermined, capital contribution to the area.

The awards:

Company: Kontos Foods
Service: Food supplier
Location: Paterson
Award: $2.97 million annually for 10 years Grow NJ
Benefit: Will stay in New Jersey and expand its facility.

Company: Kuehne & Nagel
Service: Global provider of integrated supply chain solutions
Location: Jersey City
Award: $1.4 million annually over 10 years, Grow NJ
Benefit: Will keep its headquarters in Jersey City and add 50 new employees.

Company: Bauer Media Group
Service: Print, digital and broadcast media
Location: Hamburg, Germany
Award: 10-year, $219,615 Grow NJ
Benefit: Will open new location in Englewood Cliffs.

Company: Tumi Inc. 

Service: Luggage manufacturer

Location: South Plainfield
Award: $288,750 over 10 years, Grow NJ 
Benefit: Will expand its facility.

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Vince Calio

Vince Calio


Vince Calio covers healthcare and manufacturing for NJBIZ. You can contact him at vcalio@njbiz.com.

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Comments

Lou Baram October 13, 2017 9:30 am

Reading EDA story can I ask who the Fifth company is?
Thank you

Milton October 13, 2017 10:59 am

And the 5th company is...?

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