Tuesday, November 16, 2004
$45 Million Rehabilitation Project Secures Future Growth
Governor Jennifer M. Granholm today announced that Dow Chemical plans to rehabilitate parts of its manufacturing facilities in Midland, retaining 41 jobs and securing future resin production at the site. The Michigan Economic Development Corporation (MEDC) approved a brownfield Single Business Tax Credit (SBT) valued at more than $4.5 million to support the $45.1 million project.
The Dow Chemical project is one of five major economic development projects the Governor announced today. In all, they are expected to create or retain a total of 811 Michigan jobs, including 626 directly by the companies and redevelopments.
Dow plans to use the SBT credit to upgrade obsolete buildings and infrastructure within its Saran* Products Suspension Facility and modernize its resin manufacturing production capabilities.
Incorporated by Herbert H. Dow in Midland in 1897, Dow Chemical is a global leader in science and technology, providing innovative chemical, plastic and agricultural products and services to customers in more than 180 countries.
"Dow and the state of Michigan have enjoyed an excellent relationship, with the company being an employer we can count on over the long haul," said MEDC President and CEO Don Jakeway. "This project will help secure that partnership for future generations."
In her 2004 State of the State address, Governor Granholm announced a focused plan for achieving a powerhouse economy. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 32,034 jobs as a result of targeted assistance provided by the MEDC.
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.
* Trademark of the Dow chemical Company