Tuesday, March 11, 2008
: Bridget Beckman
Winning Project Selected From 1,000-Plus Submissions
The Michigan Economic Development Corp. has been honored in Trade & Industry Development’s third annual Corporate Investment & Community Impact Awards for its role in securing the $1 billion investment by Hemlock Semiconductor Corp. to expand its operations in Saginaw County. The HSC investment was ranked as the nation’s third largest corporate investment in 2007 by the business publication.
This year’s competition recognizes the top 31 projects in North America in 2007 in two categories: Corporate Investment and Community Impact, with the focus on both the company investing in the community and the economic developers who played a role in securing those investments. The Michigan Economic Development Corp.’s recognition in the Corporate Investment category is based on the scale of the Hemlock Semiconductor expansion project, both in overall capital investment and job creation.
“Our energies are focused on growing first tier, future-oriented companies like Hemlock Semiconductor to secure Michigan’s leadership position in alternative energy,” MEDC President and CEO James C. Epolito said. “The company’s choice of Michigan for the largest expansion in the history of the industry to produce materials for solar cells is testimony to Michigan’s strengths as a location in which to prosper as a high-technology business.”
The Corporate Investment Award honors the MEDC for its support of the expansion announced in 2007, including a state tax credit valued at $8.1 million over 15 years in addition to job-training assistance through the Economic Development Job Training program and funding for public infrastructure improvements through the Community Development Block Grant program. The $1 billion project is expected to create 589 new jobs, including 270 directly by the company.
HSC’s expanded facility, due to start coming online in 2010, will nearly double the company’s total annual output of polycrystalline silicon. It is the company’s third expansion in Hemlock in the past three years. Combined, they are expected to generate 1,174 new jobs and up to $1.5 billion in capital investment.
Marketing itself as the only vertical market publication dedicated to site selection and economic development, Trade & Industry Development has a circulation of 25,000. It is available in print and online free of charge at http://www.tradeandindustrydev.com/.The premiere issue appeared in Spring 2003.
The Michigan Economic Development Corp., 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, visitwww.MichiganBusiness.org.
# # #