The developer and manufacturer of electric components for a variety of industries, including components for renewable energy vehicles and hybrid vehicles, was founded as a separate legal U.S. entity in 2010 and belongs to KOSTAL Group – an independent German family-owned business. The company plans to invest $27.1 million to relocate the existing production of its solar connector systems, used in the renewable energy sector, from Germany and Mexico to Rochester Hills. The company is expected to create up to 642 total jobs, including 247 directly by the company. The MEDC estimates the increased economic activity created by the project may create an additional 395 indirect jobs. Based on the MEDC’s recommendation, the MEGA board today approved a state tax credit valued at $3.9 million over seven years to convince the company to expand in Michigan over a competing site in Mexico. The city of Rochester Hills is considering an abatement of up to 12 years in support of the project.
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