August 1, 2017
Haribo to Receive $21 Million
in State Tax Incentives
In March 2017, German candy maker Haribo, known for their brightly colored gummy bears, announced that it would be building its first American plant in Pleasant Prairie, Wisconsin just 45 miles north of Chicago. It is scheduled to be fully operational by 2020 and will initially employ 385 people. Gov. Scott Walker credited the combination of available workers, tax incentives, nearby technical colleges and universities and a global transport network for inducing Haribo to build its $242 million plant. The 500,000 square-foot facility will be one of the largest candy manufacturing sites in the US.
In August the state of Wisconsin has announced it will grant $21 million in tax credits to Haribo for locating its factory in Pleasant Prairie. The credits are aimed at Haribo’s state income tax bills through 2028. The company will receive them based largely on the size of its capital investment and the number of jobs it will create. Among other requirements, to be eligible Haribo must invest $220 million and maintain the jobs it creates throughout 2028. Its contract with the Wisconsin Economic Development Corps (WEDC) calls for the company to hire 50 full time employees by the end of 2019 and add 50-80 jobs each year through 2024. These jobs must pay at least $30,000 annually. The 766 potential jobs at Haribo could generate up to $8.4 million in state income tax revenue over five years.
Best regards
und viele Grüße aus Charlotte
Reinhard von Hennigs
www.bridgehouse.law
und viele Grüße aus Charlotte
Reinhard von Hennigs
www.bridgehouse.law