NEW YORK, July 1 (Reuters) - U.S. education lender SLM Corp , known as Sallie Mae, will move its corporate headquarters to Newark, Delaware next year as part of a plan to control costs.
The student lender said on Thursday that it would move to Delaware by March 31, 2011 from its current headquarters in Reston, Virginia to help 'align its cost structure with its continuing businesses.'
That restructuring will also include 2,500 job cuts announced in April.
Sallie Mae will receive a Delaware state grant equal to 3 percent, or up to $3 million, if it spends $100 million in capital investments to its new headquarters.
The state also offered the company an additional taxpayer subsidy depending on how many jobs the move creates, according to an announcement from the Delaware Economic Development Office.
Sallie Mae has had its headquarters in Reston, a suburb of Washington, since 1996. It opened the Delaware office in November 2008 to support its private student loan business.
(Reporting by Maria Aspan, editing by Leslie Gevirtz) Keywords: SALLIEMAE/ (maria.aspan@thomsonreuters.com; +1 646 223 6394) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The student lender said on Thursday that it would move to Delaware by March 31, 2011 from its current headquarters in Reston, Virginia to help 'align its cost structure with its continuing businesses.'
That restructuring will also include 2,500 job cuts announced in April.
Sallie Mae will receive a Delaware state grant equal to 3 percent, or up to $3 million, if it spends $100 million in capital investments to its new headquarters.
The state also offered the company an additional taxpayer subsidy depending on how many jobs the move creates, according to an announcement from the Delaware Economic Development Office.
Sallie Mae has had its headquarters in Reston, a suburb of Washington, since 1996. It opened the Delaware office in November 2008 to support its private student loan business.
(Reporting by Maria Aspan, editing by Leslie Gevirtz) Keywords: SALLIEMAE/ (maria.aspan@thomsonreuters.com; +1 646 223 6394) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.