Rockford manufacturer to expand, add jobs with financial support from city
By Kevin Haas
Rock River Current
Get our mobile app
ROCKFORD — A family-owned manufacturer on the city’s south side plans to build a 45,000-square-foot addition and add up to 20 jobs with financial support from the city.
City Council members voted 12-0 on Monday to approve a plan to provide up to $500,000 in tax-increment finance funds to help Slidematic Precision Components make a roughly $6.5 million expansion.
The company, which specializes in custom-engineered cold-headed fasteners, will increase its tooling capacity at its home at 1303 Samuelson Road with the expansion.
More City Council: Aldermen reject proposal to redevelop Kmart site with self-storage, other businesses
Employment is expected to increase by 15-20 people. It now employs about 320 people.
The money would be paid as a one-time reimbursement for eligible construction and development expenses. The developer can also benefit from the River Edge Redevelopment Zone, which provides several incentives including purchasing construction materials sales tax free.
The city’s redevelopment agreement requires the project to be complete within two years in order for the incentives to be paid.
The company plans to complete the addition by mid-2025.
More business: 2 downtown Rockford retailers to partner under one roof
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on X at @KevinMHaas or Instagram @thekevinhaas and Threads @thekevinhaas
