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Wednesday, May 25, 2016
UK-based Cosworth to expand business with facility in Shelby Township
The Michigan Strategic Fund Board approved a $2.1-million performance-based loan for the Northampton, U.K.-headquartered engineering and manufacturing company, which selected the Macomb County site in northern metro Detroit over a location in Indiana. The loan, which is part of the Michigan Business Development Program, is administered on behalf of the MSF by the Michigan Economic Development Corporation, which is the state’s business attraction and marketing agency.
“We are grateful with Cosworth’s decision to expand its business operations in Michigan, investing in our state and its residents,” MEDC CEO Steve Arwood said. “Throughout the global automotive industry, Cosworth is recognized for its high standards and designing the highest-performing engines and electronics systems. Its expanded presence is another example of why Michigan is the heart of the global automotive and manufacturing industry’s re-emergence.”
Cosworth will join the ranks of over 80 of the top global auto suppliers that have North American headquarters or tech centers in the state. From 2009 through the second quarter of 2015, automakers and auto suppliers have made $16 billion investments into Michigan, accounting for about 20 percent of auto-industry investment in North America.Since 2009 through the end of last year, 175,000 manufacturing jobs have been created in Michigan, according to the Center for Automotive Research.
“Today is a significant step in the delivery of the next phase of strategic growth for Cosworth in North America,” Cosworth Group CEO Hal Reisiger said. “Leveraging the support of MEDC to create new jobs and economic value in Michigan will benefit our automotive vehicle customers and the local economy, while enabling our business to secure further opportunities for development.”
Founded in 1958, Cosworth has facilities across Europe and the U.S. For its success in Indy car racing, Cosworth received the Queen’s Award for Export in 1986 and 1992. The company is owned by Jerry Forsythe and Kevin Kalkhoven, racing magnates and technology investors.
For career opportunities with Cosworth, visit www.cosworth.com/careers
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