Prysmian, an Italy-based company specialising in the production of electrical cable, plans to invest $63.8m (€58.12m) to expand its operations with an additional 9,290m² of manufacturing space and seven major pieces of equipment, including a two-line expansion for renewable cable production in Du Quoin in the US state of Illinois. The expansion will create 80 jobs. The project is being supported by a Reimagining Energy and Vehicles in Illinois Act (REV) incentive package.
Of the deal, Illinois Governor JB Pritzker said: “Employers are recognising southern Illinois’ quality workforce, the fact that we sit at the hub of a world-class rail network, and that two-thirds of the country lives within a day’s truck drive from the region. What they are learning is that southern Illinois is the best place to grow their businesses.”
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Milan-based Prysmian has operations in more than 50 countries, through which it employs some 29,000 employees. The company’s origins can be traced back to 1879 through the formation of Pirelli Cavi e Sistemi. However, it was in 2005 that Prysmian was created by Goldman Sachs after it acquired Pirelli’s cables and systems business.
The REV is described as “a highly competitive incentives program to bolster Illinois manufacturing in the clean jobs economy, created to attract companies all along the supply chain in the electric vehicle and renewables sectors”.
De Quoin is a small town in southern Illinois with a population of just under 6,000.
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