Tuesday, April 18, 2006
Michael Shore, MEDC
Company's $102 Million Investment Expected to Create 201 New Jobs
Governor Jennifer M. Granholm today announced Otsego Paper, a subsidiary of United States Gypsum Company, will acquire the former Menasha Paper facility in Otsego. The project will create 201 new jobs, including up to 112 directly by the company. Assistance offered through the Michigan Economic Development Corporation helped convince the company to choose Michigan over a competing site in New York.
An economic analysis conducted by the MEDC estimates that increased economic activity created by the new facility will generate an additional 89 indirect Michigan jobs, in addition to the 112 created directly by the company. The project is expected to generate more than $63 million in personal income for Michigan workers over the life of the tax credit.
The expansion is one of five economic development projects the Governor announced today. In all, they are expected to create and retain a total of 14,297 Michigan jobs.
Otsego Paper Inc.
(All estimates in 2006 dollars)
|TOTAL JOBS CREATED|
|NET POSITIVE STATE REVENUE IMPACT|
|Personal Income Generated Over Life of 5-Year Tax Credit Agreement|