Automotive Supplier Diversification Summit Draws More Than 150

Governor Jennifer M. Granholm announced that the Automotive Supplier Diversification Summit hosted by the Michigan Economic Development Corporation (MEDC) in Troy drew more than 150 Michigan automotive suppliers and manufacturers representing 92 companies exploring diversification opportunities. The summit was the first of several to be hosted around the state to demonstrate new growth opportunities for auto suppliers and manufacturers.

“We are working the most aggressive economic diversification strategy in the country, and helping Michigan companies expand into new, high-growth sectors is a critical component of our strategy,” said Granholm, who spoke to attendees of the summit. “As a result, we are seeing a number of Michigan companies diversifying, making new products and growing new jobs.”

Attendees heard from and met one-on-one with experts in the sectors of aerospace, homeland security/defense, medical devices and wind energy on how they can successfully apply their specialized machinery and know-how to manufacture products in these industries. Company leaders prospering as a result of their own diversification efforts were also on hand to share their success stories, including K&M Machine Fabricating (wind), Autocam Medical (medical devices), Precisionwerx (homeland security/defense), and X-Ray Industries (Aerospace).

“The goal of this summit was to connect auto suppliers with high-tech industry experts and Michigan companies who have successfully diversified their business to show that there are exciting new opportunities available in Michigan,” MEDC President and CEO James C. Epolito said.

The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC’s initiatives and programs, visit the Web site at www.TheMEDC.org.