Tuesday, April 19, 2005
Michael Shore, MEDC
$44.5 Million Project to Create 627 New Jobs
Governor Jennifer M. Granholm announced today that Grandville-based X-Rite Inc. plans to invest $44.5 million to expand its operations, creating 627 jobs, including 313 directly by the company. A state tax credit offered by the Michigan Economic Development Corporation (MEDC) helped convince the company to choose nearby Kentwood over a competing site out of state.
"This is yet another in a string of good economic news stories for West Michigan," Granholm said. "Michigan's favorable business climate and excellent pool of highly qualified workers made X-Rite's choice to grow here a sound business decision."
The MEDC approved a Single Business Tax credit valued at more than $10.6 million to win the project. The city of Kentwood also approved a tax abatement valued at $2.3 million over 12 years.
The X-Rite expansion is among five economic development projects the Governor announced today. In all, they are expected to create and retain a total of 4,111 Michigan jobs, including 2,517 directly by company expansions and redevelopments.
"We are very pleased with our decision to stay and expand in West Michigan," X-Rite CEO Michael C. Ferrara said. "The basis of our evaluation was economics, long-term shareholder value and our employees. This was a smart business decision for our company as we considered each in accordance with the growth potential of our color business over the next five years and beyond."
"Retaining innovative, high-tech companies like X-Rite is an essential part of our efforts to develop high-quality employment in West Michigan, and a critical element to our region's future economic success," Right Place President Birgit Klohs noted. "We are deeply appreciative of X-Rite's continued investment, and value the support and partnership of the MEDC and our local communities."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC have announced the creation or retention of more than 35,697 jobs as a result of targeted assistance provided by the MEDC.
"If not for the assistance we were able to offer, X-Rite may have taken advantage of a competing site in another state," MEDC President and CEO Don Jakeway said. "I am thankful that we were able to help continue the company's 47-year history of creating good-paying jobs for West Michigan workers."
Founded in 1958, X-Rite provides innovative hardware, software and services that are vital for customers to get color right the first time, every time. The company has 18 offices throughout Europe, Asia and the Americas, serving customers in over 88 countries. X-Rite's primary markets are graphic arts, industrial automotive and retail home decor.
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.
(All estimates in 2005 dollars)
|TOTAL JOBS RETAINED||627|
|NET POSITIVE STATE REVENUE IMPACT||$30,607,000|
|Personal Income Generated Over|
|Life of the Tax Credit Agreement||$537,121,000|