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| Chinese-Rooted Rail Supply Company Sets Up Shop in Galesburg |
Two years worth of work by the Galesburg Regional Economic Development Association has apparently and finally paid off.
GREDA Friday formally announced that Illinois-based China Railways Material-USA has purchased GREDA's business incubator. They did not say what the selling price was for, but the company plans to use part of it to open up its rail materials supply business in the U.S.
GREDA Board Chairman Tom Schmidt says the relationship with CRM grew out of trips to China GREDA has taken in order to meet with officials there.
"I'm pleased to say that first, after that relationship was established and we jointly investigated mutual interests we have and how we could satisfy those interests, it turns out that the sale of this incubator building to CRM USA certainly meets not only our interests locally, but also of CRM USA and their parent corporation as well," Schmidt said.
"Doing business means we are going to hire, and we are going to use a lot of things: financial institutions, and insurance, building, facility, logistics, transportation," Chunlei Dong, CRM USA president, said. "By hiring, by using all those things, means we are going to make our part [sic] in Galesburg, and to make our contribution."
CRM will only use part of the building according to GREDA officials. The rest, they say, will continue to be used as a business incubator, which currently houses six tenants.
Schmidt says what's more, CRM will likely be the first firm to take advantage of Logistics Park Galesburg's inclusion into a Foreign Trade Zone.
(Tom Schmidt, GREDA Chairman, presents the keys to the former Gale Products building to Chunlei Dong, CRM USA president.)
(WGIL News Story and Photos by Will Stevenson.) |
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| 08 13 10 by Newsroom |
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