Two firms received approval for job retention packages by the board of the New Jersey Commerce, Economic Growth & Tourism Commission.
The two companies, Cadbury Adams USA LLC. and Rhodia, Inc., were awarded tax credits under the Business Retention and Relocation Assistance program. Cadbury Adams also was approved for a sales and use tax exemption to cover relocation costs.
Cadbury Adams, LLC was approved for a BRRAG to relocate 275 employees to its new United States and Americas headquarters in Parsippany. The planned investment by the company is $8.3 million and the total value of the BRRAG is $412,500.
Rhodia Inc. was approved for a BRRAG and will relocate 368 full-time employees to a new North American headquarters in Cranbury. Rhodia's planned investment is $2 million and the total value of the BRRAG is estimated to be $552,000. The company also received approval for a sales and use tax exemption.
Since its inception last summer, the BRRAG program has helped to retain more than 12,000 jobs in New Jersey and has generated $1,150,700,000 in private corporate investment. In addition, nearly $40 million in benefits have been approved.
