Tuesday, April 17, 2007
Michael Shore, MEDC
Automotive engineering firm to invest $18.2 million, create 198 jobs
Governor Jennifer M. Granholm today announced that IAV Automotive Engineering Inc., a subsidiary of Germany-based IAV GmbH, will invest $18.2 million to relocate and expand its current engineering operation from Ann Arbor to Northville Township. The project will create 198 new jobs, including 107 directly by the company. Assistance offered through the Michigan Economic Development Corporation (MEDC) helped convince the company to choose Michigan instead of a competing site in Ontario.
An economic analysis conducted by the MEDC estimates that the expansion will generate more than $199.9 million in personal income for Michigan workers over the life of the tax credit.
The IAV expansion is one of 10 economic development projects the governor announced today. In all, they are expected to create and retain a total of 4,237 Michigan jobs.
IAV plans to break ground for the new facility this August and expects to be in operation by the end of May 2008.
IAV GmbH is one of the leading providers of engineering services to the automotive industry, including powertrain, electronics and vehicle development for major manufacturers and component suppliers. IAV employs over 2,500 worldwide and 67 at its current facility in Ann Arbor. IAV Automotive Engineering Inc. was formed in 1998 to serve the North American market.
|TOTAL JOBS CREATED|
|NET POSITIVE STATE REVENUE IMPACT|
|Average Weekly Wage|
|Personal Income Generated Over 12-Yr Tax Credit Agreement|