Thursday, May 04, 2006
Michael Shore, MEDC
Bio-Based Company Expanding into Natural Health Products
Governor Jennifer M. Granholm today announced establishment of a 59-acre Agricultural Processing Renaissance Zone to accelerate the expansion of Diversified Natural Products Inc. in Scottville. The 10-year tax-free designation approved by the State Administrative Board takes effect next January 1 and will result in private investment of $30.5 million over the next 10 years.
DNP operates two principal divisions, one focused on bio-based fuels and chemicals and the other on gourmet, functional food and nutraceuticals (foods with significant medical or health benefits). The expansion, to enable development of recently acquired cholesterol-lowering HEP-30 technology, will occur in three phases: polychitosamine facility, mushroom complex and mushroom processing building.
Established as an innovative economic development program in 1996 and administered by the Michigan Economic Development Corporation, Michigan Renaissance Zones now comprise 152 geographic locations in 21 urban, rural and military zones throughout the state. To date, they have led to $2.5 billion of private investment in more than 430 projects and the creation of more than 8,500 jobs.
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. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.
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