MI: ZYNP International Investing $9.5M, Adding 51 Jobs in Romulus
12 Jul, 2013
The Michigan Economic Development Corporation announced Michigan Strategic Fund approval of a $350,000 Michigan Business Development Program incentive for ZYNP International Corporation to expand its operations and add a new R&D center in the City of Romulus, a project that will generate up to $9.5 million in new private investment and add 51 new jobs.
“ZYNP International is a world leader in automotive products, and this expansion and new R&D center in Romulus will further strengthen its Michigan presence,” said Governor Rick Snyder. “Michigan leads the country in new manufacturing jobs creation, and the new jobs resulting from ZYNP’s expansion will keep us moving in the right direction.”
ZYNP International Corporation is a global automotive supplier that manufactures cylinder liners for gasoline and diesel engines. ZYNP plans to expand its existing operations as well as add a new R&D center in the City of Romulus, investing $9.5 million and creating 51 new jobs. As a result, the company is being awarded a $350,000 Michigan Business Development Program incentive in the form of a performance-based grant. Michigan was chosen over a competing site in Texas. The City of Romulus is prepared to recommend a property tax abatement in further support of the project.
“We can all applaud ZYNP for this expansion and thank the company for its continued commitment to Southeast Michigan,” said MEDC President and CEO Michael A. Finney. “This new investment shows Michigan’s highly competitive business climate and world class workforce mean real opportunities for leading edge companies.”
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.
Pure Michigan is a brand on the rise, representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead agency for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.