EDA awards $5.2M to five companies

Five companies were awarded roughly $5.2 million in combined Grow New Jersey incentives from the state Economic Development Authority at its Thursday meeting, the EDA announced.

Paterson-based based Kontos Foods received nearly $3 million in tax incentives annually over the next decade, which was the largest award, to encourage it to expand its operations and stay within state.

Kuehne + Nagel, a global provider of integrated supply chain solutions, was approved for $1.4 million over 10 years in tax incentives to move its operations from Carlisle, Pennsylvania, to a new facility in Jersey City. The move would lead to the hiring of a significant, but as-yet undetermined, number of new employees and pump millions of dollars into the local economy.

Germany-based Bauer Media Group, which owns over 600 magazine titles, over 400 digital products and 50 radio and TV stations around the world, was awarded $219,615 over 10 years to open an office in Englewood Cliffs. The company is expected to make a significant, but as-yet undetermined, capital contribution to the area.

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