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Business Exodus Continues: China's Cofco Has Enough With Crime-Ridden Downtown Detroit
Out-of-control violent crime across downtown Detroit has forced Cofco International Ltd., the trading arm of China's largest food company, to shift operations outside the metro area to safer suburbs.
Bloomberg spoke with those familiar with the plans to relocate Cofco outside the metro area. They said the move is primarily due to "persistent crime."
The agricultural commodities trader is planning to move to Oak Brook from the Loop, Chicago's central business district.
The Loop
Part of Oak Brook
Oak Brook has several other major corporate headquarters, including Ace Hardware, CenterPoint Properties, Sanford L.P., and TreeHouse Foods Inc.
Cofco confirmed the move but provided no details on where the new headquarters location would be.
Meanwhile, Chicago has been hit with many high-profile headquarters losses, including Caterpillar, Citadel, Boeing, and Tyson Foods. Guggenheim Partners has al...