Evansville-based Mead Johnson Nutrition Co. will receive $2.7 million in incentives from Illinois when it moves its headquarters to the Chicago suburbs later this month, the Chicago Tribune reported yesterday.
The company, which has been based in Evansville since 1915, plans to move about 50 executives, including finance, legal and marketing managers, to Glenview, Ill., in the middle of the month, the Tribune said. The incentives include tax credits, tax exemptions and job-training money.
Mead Johnson, a unit of New York-based Bristol-Myers Squibb Co., grabbed national attention in February by pulling off the first initial public offering in the U.S. in three months. The company, which makes infant formulas Enfamil and Enfagrow, had about $2.9 billion in revenue last year.
The firm will maintain sizable operations in Evansville, where it employs about 1,300 of its 5,000 employees. It broke ground on a research-and-development center in the city in November. The first phase of the project, costing about $26.2 million, should be completed by summer 2010.
“Locating our corporate office in Glenview will give us the ability to access the new skills and talent we need to operate as a publicly traded company and enhance our effectiveness as a global growth company,” Mead Johnson CEO Stephen Golsby said in a statement to the Tribune.