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German Manufacturer To Set Up North American HQ In Chicago

UPDATED 02/03/12 6:27 a.m.

CHICAGO (CBS) -- Mayor Rahm Emanuel on Thursday announced that a German maker of elevators, steel and other items is opening its North American headquarters in Chicago.

ThyssenKrupp will open its Regional Headquarters for North America in the city in 2012. The mayor says the new headquarters will bring 100 new jobs, and boost the city's profile as a center for manufacturing and technology.

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"ThyssenKrupp's decision to locate their North American headquarters in Chicago is a testament to the world-class business environment the city offers," Mayor Emanuel said in a news release. "By combining transportation, infrastructure, and the best workforce in the world, Chicago is a destination for the greatest companies around the globe, and ThyssenKrupp is a perfect example of this."

Essen, Germany-based ThyssenKrupp employs 180,000 people in more than 80 countries. In addition to elevators, the company manufactures premium carbon steel, auto parts, escalators, and passenger boarding bridges.
ThyssenKrupp North America chairman and chief executive officer Torsten Gessner said the city did not have to offer economic incentives.

"We haven't asked for any economic incentives – even in this development process – because our position was that the decision should be based on facts. I mean, every economic incentive is a short-term thing," he said.

And while Illinois raised its corporate income tax last year, Mayor Emanuel says the broader picture is different.

"You cannot reduce economic development and job growth to a factor," Emanuel said. "It is a factor. You have to approach it. But what matters is, do you have a skilled workforce?"

ThyssenKrupp is looking for office space in the downtown area, and will be recruiting top talent. The company also plans to hold a product show in Chicago each fall, according to the Mayor's Office.

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