Tuesday, July 13, 2004
Paul Krepps, MEDC
U.K.-Based Company Chooses MI Over Global Locations
Governor Jennifer M. Granholm announced today that assistance offered through the Michigan Economic Development Corporation (MEDC) has convinced U.K.-based INCAT International Ltd. to expand its headquarters in Novi, resulting in the creation of 300 new direct jobs and an additional 235 indirect Michigan jobs over the next 10 years.
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 23,344 jobs as a result of targeted assistance provided by the MEDC.
The INCAT Systems expansion is one of seven major economic development projects the Governor announced today. In all, they are expected to create or retain a total of 5,987 Michigan jobs, including 3,543 directly by the companies.
In addition to the 300 direct jobs created by the company over the life of the tax credit, a University of Michigan economic analysis estimates that 235 indirect Michigan jobs will be created. The project is expected to generate more than $253 million in personal income for Michigan workers over the life of the tax credit.
"The presence of global companies like INCAT helps to explain why Michigan includes the third highest ranking among the world's knowledge economies by a U.K.-based think tank," said MEDC President and CEO Don Jakeway. "They could have located almost anywhere in the world, but chose Michigan to benefit from proximity to our manufacturers and pool of high-tech talent. I am happy that we were able to offer the kind of incentives that made the choice of Michigan their best business decision."
INCAT, based in London, has 30 offices in nine countries offering product and information lifecycle management. The company currently employs 313 Michigan workers. Its North American business primarily consists of consulting and product information content services for aerospace, automotive and other durable goods manufacturers. Additionally, the company develops software for product designers and performs various other R&D activities.
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.
INCAT Systems Inc.
(All estimates in 2004 dollars)
|TOTAL JOBS CREATED||535|
|NET POSITIVE STATE REVENUE IMPACT||$13,806,000|
|Personal Income Generated Over|
Life of the Tax Credit Agreement