Tuesday, April 17, 2007
Michael Shore, MEDC
Biochemical company to boost state’s growing life sciences industry
Governor Jennifer M. Granholm today announced Cayman Chemical Company Inc., a manufacturer of biochemical research products, will invest approximately $9.7 million in a multi-phase, 40,000-square-foot expansion in Pittsfield Township. The project will create 525 new jobs, including 208 directly by the company. Assistance offered through the Michigan Economic Development Corporation (MEDC) helped convince the company to choose Michigan instead of a competing site in the Czech Republic.
An economic analysis conducted by the MEDC estimates that the expansion will generate more than $199.9 million in personal income for Michigan workers over the life of the tax credit.
The Cayman expansion is one of 10 economic development projects the governor announced today. In all, they are expected to create and retain a total of 4,237 Michigan jobs.
|TOTAL JOBS CREATED|
|NET POSITIVE STATE REVENUE IMPACT|
|Average Weekly Wage|
|Personal Income Generated Over 10-Yr Tax Credit Agreement|