MI: Five Companies to Invest $59.6 Million, Add 387 Jobs
24 Sep, 2012
The Michigan Economic Development Corporation announced that five companies were approved for incentives by the Michigan Strategic Fund through the Michigan Business Development Program to support their expansions in the state. The projects are expected to generate up to $59.6 million in investments and add 387 new jobs in Michigan.
“From leading edge technologies to a food producer, these five companies are demonstrating that Michigan can compete with any state in the country as a great place to grow a business,” said Michael A. Finney, MEDC President and CEO. “These new investments show once more Michigan’s highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading edge companies.”
The Michigan Strategic Fund approved incentives for the following projects:
Alternative Automotive Technologies,LLC is a Troy-based automotive contract engineering company that designs and builds niche prototype vehicles as well as after-market performance enhancement products. The company plans to rehabilitate a vacant brownfield facility to relocate and expand its operations in the City of Troy. The company will invest up to $5.7 million and create 176 new jobs, resulting in a $500,000 Michigan Business Development Program incentive. The City of Troy has offered a 12 year tax abatement valued at $161,290.
Mayser Polymer USA is the North American presence of Mayser, an international producer of headware, foam technology, molding and safety technology. Mayser Polymer USA plans to expand its operations in Canton Township to include light assembly of their anti-pinch sensors. The company will invest $3.9 million and create 50 new jobs, resulting in a $200,000 Michigan Business Development Program incentive. Canton Township is offering a three year property tax abatement valued at $68,000.
MERSEN USA Midland is a subsidiary of MERSEN, a global company focused on materials and solutions for extreme environments as well as in the safety and reliability of electrical equipment. MERSEN plans to relocate and expand its existing manufacturing operations in Williams Charter Township. The company plans to invest a total of $21.3 million and create 32 new jobs, resulting in a $320,000 Michigan Business Development Program incentive for the project. Williams Charter Township is offering a 12 year tax abatement valued at $1.2 million.
Pinnacle Foods Group, headquartered in Parsippany, NJ, is a leading producer, marketer and distributor of high quality branded food products through the Duncan Hines Grocer, Birds Eye Frozen Foods and Specialty Foods divisions. Pinnacle owns two facilities in Michigan – one in Imlay City, producing products under the Vlasic brand, and Fennville, producing Comstock products. Pinnacle plans to consolidate its Millsboro, DE pickle operations to its Imlay City facility, investing $14.3 million for the expansion and creating 29 new jobs. As a result of the expansion, Pinnacle has been awarded an $800,000 Michigan Business Development Program incentive. The City of Imlay City is considering property tax abatement in support of the project and Lapeer County is requesting tax abatement through the I-69 Next Michigan Development Authority.
RSB Transmissions NA, a hig- volume machining manufacturer of automotive and heavy equipment components, plans to expand its existing operation in the Village of Homer by constructing a new 66,000 square-foot manufacturing facility. The company plans to invest approximately $14.4 million and create 100 new jobs, resulting in a Michigan Business Development Program incentive of $350,000. The Village of Homer has offered support to the project in the form of a property tax abatement.
Signed into law by Governor Rick Snyder in December, the Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF will consider a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
The Michigan Business Development Program replaces the state’s previous MEGA program that was a feature of the Michigan Business Tax that was eliminated under business tax restructuring legislation approved and signed into law by Snyder in May 2011.
The Michigan Economic Development Corporation, a public-private partnership serving as the state's marketing arm and lead agency for business, talent and jobs, focuses on helping grow Michigan's economy. For more on the MEDC and its initiatives, visit: www.MichiganAdvantage.org