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FOR IMMEDIATE RELEASE
November 5, 2001

Eagle Wings Industries to Open New Manufacturing Facility in Olney

SPRINGFIELD -- Governor George H. Ryan today announced that Eagle Wings Industries, Inc. (EWI) will open a new manufacturing facility in Olney through its Richland Manufacturing Division. The company will invest approximately $8.5 million in order to occupy the former Marwi bicycle facility leading to the creation of at least 50 new jobs.

"This is a great shot in the arm for everyone in Olney, Richland County and the surrounding region," said Gov. Ryan. "Once again local partnerships combined with state support are assisting an expanding company with plans for future growth, and creating job opportunities for Illinoisans."

The company is eligible to receive job training assistance through the Industrial Training Program (ITP), and tax credits through the Economic Development for a Growing Economy (EDGE) program. Funding is also being made available through the Linked Development program to assist with facility renovations. The Illinois Department of Commerce and Community Affairs (DCCA) administer all of the programs.

"We are pleased not only that Eagle Wings Industries has chosen to expand in Illinois but that they are using an underutilized facility to do so," said DCCA Director Pam McDonough. "Everyone involved in this project should feel a certain amount of pride in taking a site that has been on the market for two and a half years and once again making it a viable source of jobs in the community."

Rantoul based Eagle Wings Industries, Inc, a subsidiary of Japan based Nippon Eagle Wings Industries, Ltd., was originally established in 1986 to produce automotive components. The Rantoul facility currently employs 477, but since there was no room to expand at that location, the company looked to Olney for this expansion. An EWI affiliated company, Indiana based Heritage Eagle Properties, will acquire the former Marwi bicycle facility in Olney and lease it to Richland Manufacturing.

"EWI is looking forward to a long and prosperous partnership with the Community of Olney, the County of Richland and the State of Illinois," said Mr. Hajime Kurozumi, President of Eagle Wings Industries, Inc. "The facility in Olney fits our needs perfectly. Everyone involved with the project worked diligently to make this happen. I would like to thank the city officials in Olney and the staff at DCCA for all of their help and support in bringing this project to fruition. Thanks to the good folks at Marwi for their fine cooperation, and a very special thank you to Mary Heitzig, Director of the Richland County Development Corporation, who coordinated the entire effort."


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