Tuesday, April 18, 2006
Michael Shore, MEDC
Body Armor Manufacturer Chooses Michigan for $1 Million Investment
Governor Jennifer M. Granholm today announced Second Chance Armor Inc. will invest more than $1 million to expand and resume operations at its existing facility in Central Lake Township to accommodate the manufacture of a new line of concealable body armor. The project is expected to create 160 new jobs, including 100 directly by the company. Assistance offered through the Michigan Economic Development Corporation helped convince the company to choose Michigan over a competing site in Alabama.
An economic analysis conducted by the MEDC estimates that increased economic activity created by the new facility will generate an additional 60 indirect Michigan jobs, in addition to the 100 created directly by the company. The project is expected to generate more than $50.5 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.
Armor Holdings, Inc. (NYSE: AH),a leading manufacturer and distributor of security products and vehicle armor systems serving military, law enforcement, homeland security and commercial markets,bought the majority of the assets of the former Second Chance Body Armor Inc., out of bankruptcy in July, 2005 and now operates the newly-incorporated entity as a wholly owned subsidiary.Armor Holdings is a Fortune 1000 Company and was
Second Chance Armor Inc.
(All estimates in 2006 dollars)
|TOTAL JOBS CREATED|
|NET POSITIVE STATE REVENUE IMPACT|
|Personal Income Generated Over|