Tuesday, January 17, 2006
Michael Shore, MEDC
High-Tech Company to Create 105 New Jobs, $2.2 Million Investment
Governor Jennifer M. Granholm announced today that Advanced Photonix Inc. (AMEX -API) will invest $2.2 million to relocate its headquarters from Camarillo, California to Ann Arbor and also consolidate the semiconductor micro-fabrication portion of its operations from California and Wisconsin to Ann Arbor. The project will create 105 new jobs, including 68 direct high-tech jobs by the company. Assistance offered through the Michigan Economic Development Corporation helped convince the company to move these functions and jobs to Michigan.
A University of Michigan economic analysis estimates that increased economic activity from the relocation and expansion will generate an additional 37 indirect Michigan jobs, in addition to the 68 created directly by the company. The project is expected to generate more than $44.2 million in personal income for Michigan workers over the life of the tax credit.
The expansion is one of three economic development projects the Governor announced today. In all, they are expected to create a total of 1,615 Michigan jobs.
Founded in 1989, API is a leading supplier of opto-solutions, high-speed optical receivers and Terahertz instrumentation used in military, medical, industrial, telecommunication and homeland security applications.
Advanced Photonix Inc.
(All estimates in 2006 dollars)
|Total Jobs Created|
|Net Positive State Revenue Impact|
|Personal Income Generated|
Over Life of 10-Year Tax Credit Agreement