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Tuesday, March 18, 2008
Projects expected to create more than 830 new jobs
Governor Jennifer M. Granholm today announced that the Michigan Economic Development Corporation is helping two high-tech companies locate and expand in Ann Arbor.Combined, the projects are expected to create a total of 836 jobs and involve more than $6.5 million in new capital investment.
“Our comprehensive strategy to diversify and transform Michigan’s economy is generating tremendous results,” Granholm said. “These two innovative companies are growing and creating high-tech jobs here thanks to our competitive business climate and skilled workforce.”
The two Ann Arbor projects announced today:
MyBuys Inc.:The Redwood City, California-based personalized product recommendation service for online-retailers is planning to invest $5.4 million to establish operations in Ann Arbor. The project is expected to create 606 new jobs, 250 directly by the company.Based on the MEDC’s recommendation, the Michigan Economic Growth Authority approved astate tax credit valued at $3.9 million over 10 years to help tip the scales toward Michigan over a competing site in Austin, Texas. The city of Ann Arbor plans to support the project with a local tax abatement and Ann Arbor SPARK will provide rental assistance to MyBuys valued at more than $4,700.
Sakti3: The high-tech startup company plans to invest more than $1 million to commercialize a manufacturing process in Ann Arbor for the development of high-power batteries that will withstand the rigors of automotive use. The technology for this process stemmed from research performed at the University of Michigan by the company’s CEO, Professor Ann Marie Sastry. The project is expected to create 230 new jobs, including 112 directly by the company. Based on the MEDC’s recommendation, the Michigan Economic Growth Authority approved a state tax credit valued at $2.3 million over 10 years to win the company’s investment. To support the project, Ann Arbor SPARK provided administrative assistance during the MEGA application process.
The projects are two of 12 economic development projects the governor announced today. In all, they are expected to create a total of 6,066 Michigan jobs.
“No matter how many innovative tools you have, projects like this do not happen without collaboration” MEDC President and CEO James C. Epolito said. “We worked closely with Ann Arbor SPARK and the local community leaders to make these projects a reality. Our team effort in combination with a talented workforce and business-friendly climate ultimately won these projects for Michigan”
In her 2008 State of the State address, Granholm the importance of making Michigan a leader in creating opportunity in the changing world of the 21st century. Since January 2005, the governor and the MEDC have announced the creation or retention of more than 226,000 jobs as a result of targeted assistance provided by the MEDC.
“With MyBuys.com and Satki3, we see another California-based company choosing our state and another new economy manufacturing operation able to find the resources to grow,” said Michael A. Finney, CEO of Ann Arbor SPARK. “The culture of innovation is thriving throughout the Ann Arbor region; it’s an exciting time to work with the state to help attract high growth, innovation-based businesses – and jobs.”
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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