January 23, 2013 at 3:35 pm
Companies to invest $1.1 billion in Michigan projects, creating 4,590 jobs
The Michigan Strategic Fund on Wednesday approved incentives for 14 projects across the state in which the companies plan to invest $1.1 billion and create 4,590 jobs. (The Detroit News)
The Michigan Strategic Fund on Wednesday approved incentives for 14 projects across the state in which the companies plan to invest
$1.1 billion and create 4,590 jobs.
The investments include several from automotive suppliers who are expanding operations; a dairy farm; Whirlpool Corp. relocating work from Indiana to Battle Creek; an expansion by a company that makes prescriptions and infant formulas on the state's west side; and the renovation of the historic David Whitney building in Detroit.
"It's great to see companies really wanting to expand in our state," Gov. Rick Snyder said in a telephone interview Wednesday, adding the investments and new jobs stretch from northern Michigan to Benton Harbor and Holland to Detroit.
Snyder credited recent tax and regulatory reforms in the state, plus a talented workforce as aiding companies' willingness to invest and expand in Michigan.
"We've just created a great environment," he said. "Michigan is coming back strongly."
Lear Corp. subsidiary Integrated Manufacturing and Assembly, which makes auto seating components, plans to expand in an existing facility in Detroit and also open a new facility in the city, spending $13.85 million and adding 755 new jobs. The company received a $3 million Michigan Business Development Program grant for the project and Detroit is considering a 12-year tax abatement for the existing plant worth more than $942,000.
Southfield-based Lear also plans to invest $18.75 million at its plant in Highland Park, creating 334 new jobs.
Whirlpool wants to invest $18.9 million and move its refrigeration research and development offices from Evansville, Ind., into a former Whirlpool manufacturing plant in Benton Harbor, creating 180 new jobs in Michigan. The Michigan Economic Development Corp. says Whirlpool chose Michigan over sites in Iowa and Mexico, as it secured a $2.4 million state grant. The appliance company also is being offered a $1.85 million, 12-year tax abatement from Benton Harbor.
Other planned projects:
— Cosma International, a subsidiary of Magna International, plans to invest $162 million and open an auto castings components and systems plant in Battle Creek. That plant is expected to create up to 572 jobs.
— Auto supplier Denso International America Inc. last week announced plans to invest more than $150 million and create 440 jobs by expanding a research and development center in Southfield and a manufacturing plant in Battle Creek.
— Fair Oaks Farms Brands Inc., a cooperative owned by Midwest dairy farmers, plans to spend $127 million to build a new facility in Coopersville to make enhanced milk products. The project is expected to create 133 jobs.
— Magna International's Norplas Industries Inc. division plans to invest $81.75 million to open a robotic paint line and injection molding operation in Delta Township, and open a facility for assembly and sequencing front-end modules in Brownstown Township. The projects are expected to create 658 jobs.
— Moran Iron Works Inc., a custom fabricating company, plans to invest $16.2 million to expand its facility in Onaway and build a dock and make improvements at a facility in Rogers City. The project is expected to create 75 jobs.
— Rigaku Innovative Technologies Inc., which makes high-tech optical products, wants to expand into other industries and grow its research and development operations in Auburn Hills. It plans to invest $55.7 million and create 27 jobs.
— Auto supplier Van-Rob Inc. and subsidiaries such as Lenawee Stamping Corp., are considering adding new work at a facility in Tecumseh, in addition to a new facility in Michigan. It plans to invest $30.7 million and create 530 jobs.
— Whitney Partners LLC has received a $1 million grant and $7.5 million performance-based loan to redevelop the David Whitney building in Detroit. The project is expected to create 75 full-time jobs and includes $82.5 million in investment.
Snyder said the investments by so many auto suppliers is a testament to the industry's recovery. He said many suppliers are again concentrating in Michigan.
"There is an awful lot in here that's automotive, but there are home appliance jobs, pharmaceutical, high-tech optical and agriculture," said Mike Finney, president and CEO of the MEDC. "That really speaks to the diversity of the projects."
Finney said some of the projects have been in the approval pipeline for a month, while others as long as a year.
The Michigan Strategic Fund, a board promoting economic development and job creation in the state, also amended a Michigan Economic Growth Authority (MEGA) for Detroit Diesel Corp. subsidiary Axle Alliance. That will allow the company to increase the number of new jobs as part of its tax credit from 215 to 419. The company last year announced it was investing $120 million into its Redford Township manufacturing plant and adding 115 jobs. The MEDC said the company was adding 204 jobs.
The board also amended prescription medication and infant formula manufacturer Perrigo Co.'s MEGA tax credit from 400 new jobs to 1,050 new jobs. The company is planning to invest $242 million and create 650 new jobs, as it adds equipment at an Allegan site and opens a new facility in Holland Township to support its over-the-counter business.
mburden@detnews.com
(313) 222-2319
$1.1 billion and create 4,590 jobs.The investments include several from automotive suppliers who are expanding operations; a dairy farm; Whirlpool Corp. relocating work from Indiana to Battle Creek; an expansion by a company that makes prescriptions and infant formulas on the state's west side; and the renovation of the historic David Whitney building in Detroit.
"It's great to see companies really wanting to expand in our state," Gov. Rick Snyder said in a telephone interview Wednesday, adding the investments and new jobs stretch from northern Michigan to Benton Harbor and Holland to Detroit.
Snyder credited recent tax and regulatory reforms in the state, plus a talented workforce as aiding companies' willingness to invest and expand in Michigan.
"We've just created a great environment," he said. "Michigan is coming back strongly."
Lear Corp. subsidiary Integrated Manufacturing and Assembly, which makes auto seating components, plans to expand in an existing facility in Detroit and also open a new facility in the city, spending $13.85 million and adding 755 new jobs. The company received a $3 million Michigan Business
Development Program grant for the project and Detroit is considering a 12-year tax abatement for the existing plant worth more than $942,000.Southfield-based Lear also plans to invest $18.75 million at its plant in Highland Park, creating 334 new jobs.
Whirlpool wants to invest $18.9 million and move its refrigeration research and development offices from Evansville, Ind., into a former Whirlpool manufacturing plant in Benton Harbor, creating 180 new jobs in Michigan. The Michigan Economic Development Corp. says Whirlpool chose Michigan over sites in Iowa and Mexico, as it secured a $2.4 million state grant. The appliance company also is being offered a $1.85 million, 12-year tax abatement from Benton Harbor.
Other planned projects:
— Cosma International, a subsidiary of Magna International, plans to invest $162 million and open an auto castings components and systems plant in Battle Creek. That plant is expected to create up to 572 jobs.
— Auto supplier Denso International America Inc. last week announced plans to invest more than $150 million and create 440 jobs by expanding a research and development center in Southfield and a manufacturing plant in Battle Creek.
— Fair Oaks Farms Brands Inc., a cooperative owned by Midwest dairy farmers, plans to spend $127 million to build a new facility in Coopersville to make enhanced milk products. The project is expected to create 133 jobs.
— Magna International's Norplas Industries Inc. division plans to invest $81.75 million to open a robotic paint line and injection molding operation in Delta Township, and open a facility for assembly and sequencing front-end modules in Brownstown Township. The projects are expected to create 658 jobs.
— Moran Iron Works Inc., a custom fabricating company, plans to invest $16.2 million to expand its facility in Onaway and build a dock and make improvements at a facility in Rogers City. The project is expected to create 75 jobs.
— Rigaku Innovative Technologies Inc., which makes high-tech optical products, wants to expand into other industries and grow its research and development operations in Auburn Hills. It plans
to invest $55.7 million and create 27 jobs.— Auto supplier Van-Rob Inc. and subsidiaries such as Lenawee Stamping Corp., are considering adding new work at a facility in Tecumseh, in addition to a new facility in Michigan. It plans to invest $30.7 million and create 530 jobs.
— Whitney Partners LLC has received a $1 million grant and $7.5 million performance-based loan to redevelop the David Whitney building in Detroit. The project is expected to create 75 full-time jobs and includes $82.5 million in investment.
Snyder said the investments by so many auto suppliers is a testament to the industry's recovery. He said many suppliers are again concentrating in Michigan.
"There is an awful lot in here that's automotive, but there are home appliance jobs, pharmaceutical, high-tech optical and agriculture," said Mike Finney, president and CEO of the MEDC. "That really speaks to the diversity of the projects."
Finney said some of the projects have been in the approval pipeline for a month, while others as long as a year.
The Michigan Strategic Fund, a board promoting economic development and job creation in the state, also amended a Michigan Economic Growth Authority (MEGA) for Detroit Diesel Corp. subsidiary Axle Alliance. That will allow the company to increase the number of new jobs as part of its tax credit from 215 to 419. The company last year announced it was investing $120 million into its Redford Township manufacturing plant and adding 115 jobs. The MEDC said the company was adding 204 jobs.
The board also amended prescription medication and infant formula manufacturer Perrigo Co.'s MEGA tax credit from 400 new jobs to 1,050 new jobs. The company is planning to invest $242 million and create 650 new jobs, as it adds equipment at an Allegan site and opens a new facility in Holland Township to support its over-the-counter business.
mburden@detnews.com
(313) 222-2319
From The Detroit News: http://www.detroitnews.com/article/20130123/BIZ/301230422#ixzz2IpvY9cxv
No comments:
Post a Comment