Tuesday, November 14, 2006
Michael Shore, MEDC
Michigan Wins High-Tech Machine Supplier's $1 Million Investment
. The expansion is expected to create 97 new jobs, including 45 directly by the company. Assistance offered through the Michigan Economic Development Corporation helped convince the company to grow in Michigan instead of a competing site in Indiana.
"These are the kinds of jobs that won't be outsourced and will help keepMichigan
An economic analysis conducted by the MEDC estimates that increased economic activity created by the expansion will generate an additional 52 indirect Michigan jobs, in addition to the 45 created directly by the company. The project is expected to generate more than $16 million in personal income for Michigan workers over the life of the tax credit.
The Edgewater Automation expansion is one of five economic development projects the Governor announced today. In all, they are expected to create and retain a total of 271 Michigan jobs.
St. Joseph-based Edgewater Automation is a supplier of custom automation equipment for assembly and testing for the medical, electronic, automotive, stored power, pharmaceutical and alternative energy industries. In 2001, the MEDC approved a Single Business Tax credit to help the company begin operations. Today, the company has grown to over $9 million in sales with 45 employees.
Economic Analysis Summary Estimates
(All estimates in 2006 dollars)
|TOTAL JOBS CREATED|
|NET POSITIVE STATE REVENUE IMPACT|
|Average Weekly Wage|
|7-Year Tax Credit Agreement|