Published Tuesday, July 26, 2011
Emerson (NYSE: EMR), a diversified global manufacturing and technology company, has selected Sunrise, Fla., as the site for its Latin American regional headquarters.
Emerson is initially leasing approximately 18,000 square feet of space in Lake Shore Plaza II, Broward County’s first LEED-certified multi-tenant office building, with an option for an additional 9,500 square feet. Located at 1300 Concord Terrace, the building is in the Sawgrass International Corporate Park (near the intersection of I-75 and I-595 and the Sawgrass Expressway).
Emerson will relocate more than 50 people who work for its Latin America corporate office and key businesses that operate in the region, including Emerson Process Management, Emerson Climate Technologies, Emerson Network Power and Emerson Industrial Automation. Currently, these employees are located in St. Louis and other South Florida cities.
“Latin America is a growth market opportunity for Emerson and our U.S.-based executives engage with our customers and our operations throughout Latin America,” said Leo Rodriguez, president of Emerson Latin America. “Consolidating our regional headquarters at a single site in South Florida creates cost efficiencies but just as importantly it provides Emerson with access to direct air travel, proximity to a large number of Latin America-related companies and branch offices, an opportunity to enhance collaboration among our businesses, and the availability of a multi-lingual workforce.”
“We appreciate the support of Florida Governor Rick Scott, City of Sunrise Mayor Michael Ryan, Greater Fort Lauderdale Alliance CEO Council Chairman Ray Ferrero Jr., and others who made us feel welcomed and realized that an Emerson regional headquarters will bring a positive economic development to the greater Fort Lauderdale area,” Rodriguez added.
Emerson has approximately 18,000 employees and 30 manufacturing locations in Latin America. In fiscal 2010, the company posted sales of $1 billion within Latin America, out of $21 billion in sales worldwide. Emerson’s manufacturing operations in Latin America produced more than $3 billion worth of finished and unfinished products for export to North America, Asia and Europe.
“Emerson’s decision to locate a regional headquarters in Florida in order to better reach their international business partners confirms Florida’s position as an essential gateway to Latin America,” said Governor Scott. “I am confident our efforts to cut business taxes and burdensome regulation will make Florida the number-one state to start or expand a business, empowering Emerson, as well as other companies, to create jobs here in Florida.”
To receive state and local incentives, Emerson has committed to bring 51 high-paying jobs with an average salary in excess of 200 percent of the local Broward County average wage, or $83,264, along with retaining 25 existing Florida jobs. Emerson also plans to invest approximately $2.2 million for construction and remodeling of the leased space and for purchase of computer equipment, office furniture, fixtures and other equipment. The offices are expected to be ready for occupancy by the end of the year.
The office of Governor Scott, Enterprise Florida, the City of Sunrise and the Greater Fort Lauderdale Alliance CEO Council worked together to help bring Emerson to Sunrise. Incentives from the State of Florida and the City of Sunrise total $683,500, and consist of $357,000 from the Qualified Target Industries Tax Refund Program, along with $250,000 from the Governor’s Quick Action Closing Fund and $76,500 in a Direct Cash Incentive from the City of Sunrise for the hiring of Sunrise residents.
Sunrise Mayor Michael Ryan said, “We are delighted that leading corporations like Emerson continue to make the City of Sunrise their location of choice. This project exemplifies the dedication of our staff, and the City’s commitment to new and expanding business enterprises. We are grateful to Emerson and wish them every success in Sunrise.”
Greater Fort Lauderdale Alliance CEO Council Chairman Ray Ferrero Jr. said, “We are pleased to have had the opportunity to work with our partners at the City of Sunrise, Enterprise Florida and the Governor’s Office on behalf of Emerson. The CEO Council’s mission is to maintain and grow the presence of the more than 150 corporate and international headquarter operations in the Greater Fort Lauderdale/Broward County area that can take advantage of our world class quality of life, transportation access and highly rated business and personal tax climate, and Emerson’s decision provides further positive confirmation and ratification of our initiative.”