Gov. Rick Perry today announced the state is investing $1.2 million through the Texas Enterprise Fund (TEF) in Consolidated Electrical Distributors Inc. (CED) to relocate its corporate headquarters to Irving from California. This investment will create 120 jobs and generate an estimated $3.3 million in capital investment in the area.
“Employers across the nation are looking for a job-friendly environment where they can succeed,” Gov. Perry said. “Thanks to the Texas Enterprise Fund, low taxes, predictable regulations, a reformed legal system and increasingly accountable public schools, Texas continues to attract businesses and investment, and is the number one state for job creation in the U.S.”
CED, a Forbes 125 private company, is one of the largest electrical distribution companies in the U.S. and one of the largest private companies in the nation. CED supplies wire and cable, load centers, panel boards, transformers, switches, motor controls, drives and other electrical products to residential, commercial and industrial customers.
“We are very pleased that CED has chosen to relocate its corporate headquarters from California to Irving,” Irving Mayor Herbert A. Gears said. “As one of America’s largest and strongest electrical distribution companies and a Forbes 125 private company, Irving has much to gain from their relocation to our city. This includes 120 new quality jobs over the next four years, and the establishment of Irving as its “point of sale” for inventory purchased and resold in Texas. I have no doubt CED will become a major contributor to the economic engine of our community, region and the great State of Texas.”
The legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007 and 2009 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state’s most competitive tools to recruit and bolster business. To date, the TEF has invested more than $414.8 million and closed the deal on projects generating more than 54,847 new jobs and more than $14.6 billion in capital investment in the state.
For more information about the TEF, please visit www.texaswideopenforbusiness.com/financial-resources/texas-enterprise-fund.html or www.governor.state.tx.us.