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.
Company: Kontos Foods
Service: Food supplier
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.