Morton Salt Abandons Illinois After 176 Years Over Pritzker’s Crushing Taxes. Morton Salt, founded in 1848, has moved its corporate headquarters from downtown Chicago to Overland Park, Kansas. Critics point to high corporate tax rates, rising property taxes in Cook County, and a plaintiff-friendly litigation environment as key factors driving the decision.
Its parent company, Stone Canyon Industries Holdings, has operations in Overland Park.
The relocation follows a $3.2 billion acquisition by Stone Canyon Industries Holdings in 2021, subsequent corporate downsizing, and efforts to consolidate operations alongside broader business climate and cost-efficiency considerations.
In other words, taxes, litigation, and undoubtedly, crime are influencing them.
The historic former Morton Salt warehouse facility along the Chicago River has since been redeveloped into a popular music and entertainment venue known as The Salt Shed. That’s great, but manufacturing leaving is not.
People interested in minimizing the move are finding all kinds of reasons for it, but the fact remains that most can see it’s a trend. The business climate is very unfriendly, and they aren’t allowed to offer incentives to retain or attract companies.
And so they flee…
State Sen. Chris Balkema said Morton Salt’s departure reflects a larger trend he believes is being fueled by Illinois’ business climate, reports The Center Square.
“It’s absolutely a trend,” Balkema said. “The overall scenario that keeps playing out in Illinois is the higher taxes, the inability for us as a General Assembly right now to dial down the workers’ compensation laws, and the lack of tort reform. Companies run the numbers and look at the cost of doing business in Illinois, and it becomes easy for them to make a decision to relocate to another state.”
Chicago has lost Boeing, Caterpillar, Citadel, TTX Company, Peak6 Investment, Tyson Foods, Beam Suntory, and others.
So, what happens to blue states, when these money makers are in Florida, Kansas, Texas, and so on?