Tuesday, August 19, 2008
Bridget Beckman, MEDC
(517) 335-4590 email@example.com
Companies investing $28.7 million to grow in Michigan
Governor Jennifer M. Granholm today announced that three companies - Ricardo Inc. (Van Buren Township), Danotek Motion Technologies LLC (Plymouth Township) and Aisin Technical Center of America Inc. (Plymouth Township) - are expanding operations in Wayne County as a result of assistance from the Michigan Economic Development Corporation. Combined, the projects are expected to create 760 new jobs and involve more than $28.7 million in new capital investment. Each company chose Michigan over competing sites in other states and countries.
“These expansions underscore our state’s strengths in advanced manufacturing and high-tech R&D,” Granholm said. “These company expansions will create hundreds of high-paying jobs and are examples of our ongoing effort to go anywhere and do anything to bring jobs to Michigan.”
The three projects announced today:
Ricardo Inc.–The Eco-Innovation Technology Company and a leading independent provider of technology, product innovation, engineering solutions and strategic consulting to the world's automotive, transport and new energy industries with a skill base representing the state-of-the-art in low emissions and fuel-efficient powertrain technology, is planning on investing $12.3 million to establish a rolling chassis dynamometer facility at its facility in Van Buren Township. The project is expected to create 106 new jobs, including 45 directly by the company. An economic analysis conducted by the MEDC estimates the project will generate an additional 61 indirect jobs. Based on the MEDC’s recommendation, the MEGA board today approved a state tax credit valued at $2.2 million over 13 years to help convince the company to invest in Michigan over a competing site in Germany. Van Buren Township is considering an abatement worth approximately $182,400 to support the project. This is the company’s second MEGA credit in five months. Last March, the company was approved for a credit valued at$991,000over 10 yearsto support establishment of a Battery Systems Development Centerfor hybridand electric vehicle battery pack development.
Danotek Motion Technologies LLC -Thetechnology developer and manufacturer of Permanent Magnet Generators, Power Control Electronics and Brushless Motors for power generation industries and advance automotive applications plans to expand its operation and relocate to PlymouthTownship. The new expanded facility would accommodate the manufacture of up to 3 Mega Watt variable speed PM generators for use with wind turbines.The project is expected to create 353 new jobs, including 141 directly by the company. An economic analysis conducted by the MEDC estimates the project will generate an additional 212 indirect jobs. Based on the MEDC’s recommendation, the MEGA board today approved a state tax credit valued at $2.5 million over 10 years to help convince the company to invest in Michigan over a competing site in Indiana. Plymouth Township is considering a local tax abatement to support the project.
Aisin Technical Center of America, Inc. –The Aisin Group, the sixth largest automotive supplier in the world, is considering expanding its PlymouthTownship technical center. Pending company approval, the proposed $8.6-million project could create up to 301 new jobs, including 82 at the company.An economic analysis conducted by the MEDC estimates the project has the potential to generate an additional 219 indirect jobs. Based on the MEDC’s recommendation, the MEGA board today approved a state tax credit valued at $1.3 million over seven years to help convince the company to invest in Michigan over competing sites in other states. Plymouth Township is considering a local abatement to support the project.
“Innovative economic development tools and solid teamwork were key in securing these expansions in Michigan,” MEDC President and CEO James C. Epolito said. “These projects would not have happened without the collaborative efforts of our local community partners who really rose to the occasion to help us make the best business case for Michigan.”
The Wayne County projects are three of 20 economic development projects the governor announced today. In all, they are expected to create and retain a total of 9,495 Michigan jobs. "Wayne County is very excited to be selected as the location of choice by Ricardo Inc.,DanotekMotion Technologies LLC, and Aisin Technical Center of America Inc,"said Wayne County Executive Robert Ficano. "The breadth and diversity of companies selecting Wayne County as a place to do business is a verification that we are on the right track in a difficult economy."
In her 2008 State of the State address, Granholm emphasized the importance of creating opportunity in the changing world of the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 257,000 jobs as a result of targeted assistance provided by the MEDC.
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. For more information on the MEDC’s initiatives and programs, visit the Web site at www.MichiganBusiness.org.
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