US: Government offers loan to keep Nestle Waters in Connecticut
Nestle HQ to remain in Connecticut
Nestle Waters North America has been given a US$4m low-interest loan by the Government as an incentive to keep its headquarters in Connecticut.
The bottled water company, according to Connecticut state government, had been considering shifting its current headquarters in Greenwich to Westchester County, New York.
Nestle Waters North America announced late yesterday (25 January) that it will relocate its headquarters from Greenwich to Stamford, still in Connecticut, in late 2010.
Connecticut authorities said they would help the firm remain in Fairfield County, preserving 475 jobs at its corporate offices and creating 25 more over the next three years.
Nestle said its decision was a result of “favourable economics", as well as "an open floor plan design permitting increased employee collaboration, cafe amenities, access to public transportation, and a shorter commute for most of the company's headquarters employees".
The company said it plans to renovate the Stamford location to meet the US Green Building Council's Leadership in Energy and Environmental Design (LEED) standards for green buildings.
In addition to the $4m loan, the firm could be eligible for up to $5m in urban and industrial sites reinvestment tax credits. The Connecticut Development Authority board of directors has approved up to a $1m sales and use tax exemption for the project.
Nestle Waters last month upgraded its Eco-Shape bottle, the company's latest step in its commitment to reduce plastic use.
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