220 New Jobs for Michigan Workers
The POM Group will expand in Auburn Hills with assistance from the Michigan Economic Development Corporation (MEDC).
The POM Group selected Auburn Hills over Toledo, Ohio, for the expansion.It is estimated that this expansion will create 220 new jobs, 75 directly by the company, for Michigan workers.
“The POM Group is an excellent example of a successful commercialization effort developed from technology created at a Michigan university,” said Doug Rothwell, president & CEO of the Michigan Economic Development Corporation.“The high-tech tax credit gives us a powerful tool to nurture newly developing companies, like The POM Group, keeping Michigan-born technology in the our state.”
The POM Group will open a new Advanced Product Development Center to develop advanced manufacturing solutions using its patented Direct Metal Deposition (DMD) process.This technology was originally developed at the Center for Laser-Aided Intelligent Manufacturing at the University of Michigan.The company will invest more than $17.1 million in the project, including building, machinery and equipment costs.
“POM represents what Oakland County is all about,” said Oakland County Executive L. Brook Patterson.“Cutting edge technical companies locating and find cutting edge talent in Oakland County.”
, according to an economic analysis, completed through software provided by Regional Economic Models, Inc. (REMI).
A component of the assistance provided by the MEDC is a high-tech Single Business Tax credit worth an estimated $1.5 million over the next six years. The assistance also included an Economic Development Job Training grant of up to $75,000 to train new employees.The MEDC also offered an abatement of the six-mill State Education Tax valued at $164,343.
The City of Auburn Hills will provide an abatement of real and personal property taxes valued at $559,839 over the next six years.
This project will provide more than $6.3 million in revenue to the state over the life of the agreement, resulting in a net positive gain for the state of more than $4.7 million, after the tax credit.The project is expected to generate more than $78.8 million in personal income during that time.
POM’s President and Chief Operating Officer Dwight M. Morgan stated that POM did an extensive search for a site to expand operations from their current site in Plymouth.“With the help of the Michigan Economic Development Corporation, POM was able to find a suitable site in Michigan,” Morgan said.“For a small rapidly growing firm like POM, the assistance offered by the MEDC played a key role in our decision to remain in Michigan.”
The POM Group incubates and refines technology for fabricating fully dense three-dimensional metal objects directly from powder using an industrial laser.The DMD technology has many diverse applications ranging from the production of intricate metal devices to the repair or modification of molding, forming and die casting tools.The POM Group services customers in a wide range of industries, including tool and die, aerospace, defense, electronics and medical.
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.
The POM Group, Inc.
(All estimates in 2001 dollars)
TOTAL JOBS CREATED
|NET POSITIVE STATE REVENUE IMPACT|
|Personal Income Generated Over|
Life of the Single Business Tax Credit