Tuesday, February 13, 2007
Michael Shore, MEDC
High-Tech Facility to Make Interior Components for Vehicle Manufacturers
Governor Jennifer M. Granholm today announced that Visteon Corporation, through a wholly owned subsidiary, will invest $35 million to build a state-of-the-art manufacturing plant in Highland Park. Assistance offered through the Michigan Economic Development Corporation (MEDC) convinced Visteon to opt for Highland Park over a competing site in another state. The project will result in the creation of 353 new jobs, including 175 directly by the company.
Visteon is a leading global supplier of automotive systems, modules and components to global vehicle manufacturers. The new plant will function as a center of excellence, making use of state-of-the-art technologies and Visteon proprietary processes to manufacture interior components for the auto industry. The facility will serve as a regional manufacturing facility, providing parts to sequencing centers in Michigan and other states that serve manufacturing plants in the Midwest. Visteon has corporate offices and an innovation center in Van Buren Township, Wayne County.
The MEDC approved a Single Business Tax credit valued at $1.73 million over seven years to win the project. The city of Highland Park has proposed local tax abatements worth an estimated $4.5 million over seven years to support the project.
Economic analysis conducted by the MEDC estimates that increased economic activity created by the expansions will generate an additional 178 indirect Michigan jobs, in addition to the 175 initially created directly by the company. The project is expected to generate more than $151 million in personal income for Michigan workers over the life of the tax credit.
The new location is one of five economic development projects announced by the Governor today. In all, they are expected to create a total 1,044 Michigan jobs. "We are excited and delighted at the prospect of having a major corporation such as Visteon opening a new facility in our community," Highland Park Emergency Financial Manager Arthur Blackwell said. "It means more job opportunity and revenue which is sorely needed in the city. We are also extremely grateful for the assistance of the state in this project."
Visteon Highland Park Plant
(All estimates in 2007 dollars)
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