The Michigan Economic Development Corporation (MEDC) announced today that Collins & Aikman Corporation will be expanding its operations in Port Huron.It is estimated that the expansion will create 417 new jobs, including 187 directly by the company.
“The Collins and Aikman Corporation is moving forward with its plans to build its business in Michigan,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation.“We are happy to partner with the company in creating good-paying jobs for Michigan families.”
A Single Business Tax credit offered by the MEDC worth more than $2.2 million over a 12-year period persuaded Collins & Aikman Corp. to expand in Port Huron rather than Ontario, Canada.
"The expansion of our Port Huron facility is testament to the continued growth of our company,” said Thomas E. Evans, Collins & Aikman chairman & CEO. “The assistance of state and local economic development agencies was an important element in ensuring that jobs were created in the state of Michigan, and we thank them for their continued support in our growth initiatives."
According to an economic analysis conducted by the University of Michigan, it is estimated that the Collins & Aikman expansion will provide a total of nearly $22 million in revenue to the state over the life of Single Business Tax credits awarded by the MEDC, resulting in a net gain for the state of more than $19 million. The project is expected to generate more than $274 million in personal income during that time.
“Collins & Aikman is a world class company,” said Douglas Alexander, executive director of the Economic Development Alliance of St. Clair County. “The company’s renewed commitment to our community speaks highly of the productivity and work ethic of the Port Huron plant’s local management team and its employees. This will be a substantial investment and commitment to the community for many years to come.”
Collins & Aikman Corporation is a global leader in cockpit modules and automotive floor and acoustic systems and a leading supplier of instrument panels, automotive fabric, plastic-based trim and convertible top systems.The company currently has 4,942 employees in Michigan at more than 20 facilities.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
Collins & Aikman Corporation
(All estimates in 2002 dollars)
|TOTAL JOBS CREATED||417|
|NET POSITIVE STATE REVENUE IMPACT||$ 19,756,000|
|Revenue Foregone||$ 2,235,000|
|Revenue Gain||$ 21,991,000|
|Personal Income Generated Over|
Life of the Tax Credit Agreement
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