Governor Personally Recruited German Manufacturer, Which Will Create 40 Jobs in Schaumburg

SCHAUMBURG - Governor Pat Quinn and Rittal Corporation executives today announced that the German manufacturing company is moving its United States headquarters to Illinois from Ohio. The relocation to the Woodfield Corporate Center in Schaumburg is expected to create 40 jobs and allow the U.S. subsidiary of privately owned Rittal GmbH better access to its widespread U.S. customer base. Governor Quinn personally recruited Rittal to Illinois, meeting with owner and CEO Friedhelm Loh in December in Germany.

"Rittal chose Illinois for its central location, transportation offerings and high quality of life," Governor Quinn said. "With our diverse economy, highly skilled workforce, and easy access to the rest of the world, Illinois is an excellent place for businesses to grow and thrive."

Today's announcement is part of Governor Quinn's agenda to create jobs and drive Illinois' economy forward. The new headquarters facility is scheduled to be fully operational by September. Rittal is also actively recruiting in northern Illinois to tap into the state's extensive pool of sales, marketing and product professionals.

"Getting closer to our customers so that we become their first choice is a significant goal now and in the years ahead," Rittal President Douglas Peterson said. "Creating a world-class customer-oriented facility in the Chicago area with its proximity to one of the world's most accessible airports is an excellent step toward making those critical connections easier."

The first phase of Rittal's corporate expansion will include relocating the company's executives, sales leadership, marketing and product management staff. A state-of-the-art Customer Center of Excellence will be at the heart of the expansion and will include expanded teaching resources, enhanced product testing facilities, and a large-scale product showroom where customers can have a hands-on experience with the entire Rittal system.

Rittal's global-scale modernization and expansion is taking place in North America, China, India and Germany and includes a multi-million dollar upgrade to several production lines in Rittal's Urbana, Ohio manufacturing facility, designed to provide greater flexibility and capacity in creating products for the vital U.S. markets that Rittal serves. The company operates the Urbana Manufacturing Center of Competence in Ohio, as well as distribution centers in Texas and Nevada.

"With innovation and customer service as a driving force, Rittal is a world leader in the manufacturing and development of solutions for our customers, whether they need enclosures, power distribution, IT infrastructure, software or service," Rittal CEO Loh said. "Rittal?The System offers coordinated platforms, uniting innovative production, pioneering engineering solutions and global service to accommodate diverse requirements."

Rittal will be eligible for tax credits under the Economic Development for a Growing Economy (EDGE) program, administered by the Illinois Department of Commerce and Economic Opportunity. The tax credits, based on job creation, can be used against corporate income taxes to be paid over up to ten years.

Governor Quinn has worked diligently to identify and aggressively court companies to Illinois with strong potential to bring jobs and economic growth to the state. Rittal joins several companies that have moved their U.S. headquarters to Illinois this year, including building materials company Lafarge SA, silver and gold producer Coeur d'Alene Mines Corp., and biopharmaceutical firm Durata Therapeutics. For more information on why Illinois is the right place for business, please visit http://Illinoisbiz.biz.

Rittal Corporation

 

The Rittal Corporation, Urbana, Ohio, is the U.S. subsidiary of Rittal GmbH & Co. KG and manufactures the world's leading industrial and IT enclosures, racks and accessories, including climate control and power management systems for industrial, data center, outdoor and hybrid applications. Rittal's off-the-shelf standard, modified standard and customer-engineered products are recognized throughout the world as innovative, high quality solutions for practically any industrial or IT infrastructure application?from single enclosures to comprehensive, mission critical systems.

Founded in 1961, Rittal is now active worldwide with 11 production sites, 64 subsidiaries and 40 agencies. With 10,000 employees worldwide, Rittal is the largest company in the owner-operated Friedhelm Loh Group, based in Haiger, Germany. The entire group employs 11,500 people and generated revenue of $2.9 billion in 2012. For additional information, visit www.rittal.us and www.friedhelm-loh-group.com.

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DES MOINES, IA (08/22/2013)(readMedia)-- State Treasurer Michael Fitzgerald announced today that the Great Iowa Treasure Hunt had another successful year at the Iowa State Fair. "Over 8,500 claims of unclaimed property were discovered, totaling over $1.9 million," said Fitzgerald. "The largest treasure found during this annual event was $107,100.00. This was certainly an exceptional year for our booth at the Iowa State Fair."

The Great Iowa Treasure Hunt program has returned over $165 million in unclaimed property to more than 404,000 individuals since Fitzgerald started it in 1983. Unclaimed property refers to money and other assets held by financial institutions or companies that have lost contact with the property's owner for a specific period of time. State law requires these institutions and companies to annually report and deliver unclaimed property to the state treasurer's office, where it is held until the owner or heir of the property is found. Common forms of unclaimed property include : savings or checking accounts, stocks, uncashed checks, life insurance policies, utility security deposits and safe deposit box contents.

"We are dedicated to helping Iowans reunite with their missing money and property," Fitzgerald said. Visit greatiowatreasurehunt.com to see if you have a treasure waiting for you.

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Don't let money-or the lack of it-control YOU!  ISU Extension and Outreach is now offering the free online course, Take Control of Your Money.  Participants will learn the skills needed to control their money through a step-by-step process in the privacy of their own homes with the option of a coach by e-mail if they choose.  Start and end dates are determined by the participant.

For more information and to register go to http://www.extension.iastate.edu/humansciences/takecontrol

Think You Have Your Golden Years Covered? - Get it in
Writing! Says Expert Financial Planner

"Age 85 is a bad time to go broke," says expert retirement planner Jeff Gorton.  Personal savings, various investments and, yes, Social Security may prove to be short of what you'd expected.

"Budgeting how you spend money before retirement can often be a misleading measurement of how you'll actually spend it during retirement," says Gorton, a veteran Certified Public Accountant and Certified Financial Planner®, and head of Gorton Financial Group (www.gortonfinancialgroup.com).

"Spending 40 hours a week at work not only earns you a paycheck, it also keeps you from spending money on more vacations, matinee screenings at the movie theater, extra trips to the mall or shopping online. You need to be exceedingly realistic in your planning, and the five years before retirement are actually the most crucial in solidifying post-employment stability."

To prevent a rude awakening during retirement, Gorton makes certain his clients start with a written income plan (WIP). He reviews the benefits and importance of this "living document":

· A comprehensive list of life expenses paints a clearer picture. For a 65-year-old married couple today, there is a 72 percent chance that at least one spouse will live to age 85; a 45 percent chance that one will live to age 90, and an 18 percent chance that one will reach age 95, according a recent study from the CDC National Center for Health Statistics. You may not think of listing things like pet care, yard maintenance, and regular visits to salons or spas. But if you enjoy those services now, you may want them during retirement, and you might find that you underestimated the real cost of maintaining your desired lifestyle. And, that's not including gifts to children and grandchildren!

· The forecast of a two-legged stool. A WIP helps you appreciate the reliability of retirement income. What sources of income do you anticipate having? Traditionally, retirement funding has been viewed as a "three-legged stool," implying a balance between Social Security, retirement plans and savings/investments. As the baby boom generation ages, Social Security benefits may decrease ? and the age at which an individual can collect benefits may increase. Changes in employment may affect retirement plans. As a result, the third leg of the stool, savings/investments, may become even more important.

· Who is authoring your WIP? As with all written documents, you must always consider the source. What you may not realize is that a financial planner is liable to have a stake in selling you a financial product. Just like a retailer may have an incentive to move certain brands of products, many planners are incentivized to have you invest in specific financial vehicles from major institutions. What plan works best for you? Seek advice from an expert who isn't trying to sell you something, such as an independent firm.

"If you don't have a written income plan, then you're just hoping things will work out," Gorton says.

About Jeff Gorton, CPA, CFP®

Jeff Gorton is a Certified Public Accountant and a Certified Financial Planner® specializing in individual tax and retirement planning. He is also an Investment Advisor Representative under Alphastar Capital Management, an SEC Registered Investment Advisor, and has a life and health insurance license. Gorton works with individuals and their families to create and protect their financial legacies. He specializes in working with retirees in the areas of tax planning, benefits, retirement planning, estate planning and safe money techniques. He received his BBA in Accounting from the University of Oklahoma. Gorton previously worked for 10 years as the Chief Financial Officer for a large retail organization, overseeing their accounting, benefits and 401(k) retirement plans.