[SteveM85]

No it won’t squash moves, Campbell is moving. I’m not disputing that.
Aren’t you in Milford too? You know what it’s like. These people are head over heels in love with CT. We’re not talking about rural upstaters looking for freedom and tax breaks on SS in MS and TN.
These people are living the CT dream. I hear it all the time. They’ll have to go above and beyond to retain.

[BobNJ1960]

Originally Posted by SteveM85

No it won’t squash moves, they’re moving. I’m not disputing that.
Aren’t you in Milford too? You know what it’s like. These people are head over heels in love with CT. We’re not talking about rural upstaters looking for freedom and tax breaks on SS.
These people are living the CT dream.

Most moves, when related to a corp closing, come down to economics. The families most dependent on a Pepperidge farms pay stub will move; those with similar incomes (2 income families) will likely not move.

If they need the paycheck, the dream just became a nightmare. Bimbo may hire a few, but that still leaves many w/o a job unless they move. It's a niche industry, and corps are more focused than ever on hiring within their niche.

These moves almost always end up with 50% taking the relo if offered, 50% saying no.

[SteveM85]

Originally Posted by BobNJ1960

These moves almost always end up with 50% taking the relo if offered, 50% saying no.

Yes, sounds about right. Anywhere from 70 to 90 from Campbell-Pepp Farm will relocate to NJ. 40-50 will do so begrudginly. Almost zero will be Westport, Norwalk, Fairfield, Milford residents. Another small handful would go but won't get an invite.

[JayCT]

Originally Posted by BobNJ1960

Rocky Hill is just a minor part of Henkel. We did outbid Az for Henkel. That is how you lure corps. Are you aware there are consulting firms whose job is to get the best incentive package possible pitting state against state? (I am not fond of it, but many exist, and its big money!)

Rocky Hill is Henkel’s North American headquarters and headquarters for Henkel Adhesive Technologies. That’s hardly a minor part of the company.

Henkel moved its new Consumer Products headquarters to Stamford to be more accessible to Europe. The move did involve state incentives. I’m well aware the corporations hire consultants for relocations and many pit state against state to get the best deal but you do not know if this was that. It certainly wasn’t publicized as such like Amazon’s second headquarters or General Electric’s relocation. Jay

[BobNJ1960]

Originally Posted by JayCT

Rocky Hill is Henkel’s North American headquarters and headquarters for Henkel Adhesive Technologies. That’s hardly a minor part of the company.

Henkel moved its new Consumer Products headquarters to Stamford to be more accessible to Europe. The move did involve state incentives. I’m well aware the corporations hire consultants for relocations and many pit state against state to get the best deal but you do not know if this was that. It certainly wasn’t publicized as such like Amazon’s second headquarters or General Electric’s relocation. Jay

Rocky Hill btw was actually a Pa plant relocated to Ct long ago.

Amazon & GE, of course, got far better offers than Henkel. Size matters. Henkel is decent sized, but Amazon is a monster, as is GE, in terms of revenue.

[BobNJ1960]

Nice to see! One of my Tn employers donated machines to a local Technical college, and we hired some in school as paid interns, then employees perm, when certified.

Supply Chain issues may lead to an increase in onshoring for years to come.

https://www.ctpost.com/news/article/...c=rdctpdensecp

[robr2]

Originally Posted by BobNJ1960

Rocky Hill btw was actually a Pa plant relocated to Ct long ago.

Amazon & GE, of course, got far better offers than Henkel. Size matters. Henkel is decent sized, but Amazon is a monster, as is GE, in terms of revenue.

But keep in mind, GE wound up getting little to nothing of what they negotiated. The state and city were the big winners as the infrastructure and real estate investments made for GE paid off well.

[BobNJ1960]

Originally Posted by robr2

But keep in mind, GE wound up getting little to nothing of what they negotiated. The state and city were the big winners as the infrastructure and real estate investments made for GE paid off well.

Most $ in all deals are not direct cash transfers, but rather they are reductions in taxes to the corp over many years. Sometimes in property tax forgiveness, sometimes in employer payroll tax credits due to the increase in employee taxes paid in the new location. There are even utility cost reduction incentives tied to deals at times. In many cases, the federal government covers the "reductions in taxes" the local government directly offers.

I knew of some moves where the corp was determined to go somewhere already, and they still got incentive funding anyway even though it was not the "difference maker".

We poached Henkel; NJ poached Pepperidge. Poaching, for the last quarter century or so, has become a US way of life.

[SteveM85]

Originally Posted by BobNJ1960

Most $ in all deals are not direct cash transfers, but rather they are reductions in taxes to the corp over many years. Sometimes in property tax forgiveness, sometimes in employer payroll tax credits due to the increase in employee taxes paid in the new location. There are even utility cost reduction incentives tied to deals at times. In many cases, the federal government covers the "reductions in taxes" the local government directly offers.

I knew of some moves where the corp was determined to go somewhere already, and they still got incentive funding anyway even though it was not the "difference maker".

We poached Henkel; NJ poached Pepperidge. Poaching, for the last quarter century or so, has become a US way of life.

They got the incentives if they maintained a certain headcount. I thought I heard Boston didn’t achieve or maintain that, not sure I could be wrong though.

[BobNJ1960]

Originally Posted by SteveM85

They got the incentives if they maintained a certain headcount. I thought I heard Boston didn’t achieve or maintain that, not sure I could be wrong though.

Correct. Its FTE based, usually, which is fair. I know of some who missed in certain years in many locations.

I'd prefer to see them tied to Capital Investment millions added, excluding new buildings which can be resold, as corps seldom walk away from new Plant & Equipment investments. (They would have to write them off if they did.)

I am saying tie to adding machines and equipment which would cost as much to move as their net book value. Now you have them long-term, when they do that. The local jobs will be with the location of that equipment.