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Tuesday, June 17, 2008
Azentek, Orchid Unique Orthopedic Solutions investing $6.5 million
Governor Jennifer M. Granholm today announced the Michigan Economic Development Corporation (MEDC) is helping a manufacturer of advanced medical devices and an in-vehicle infotainment systems developer grow in the mid Michigan communities of Grand Blanc Township and Bridgeport Township (Saginaw County).
“We are thrilled to support these two companies doing exciting and innovative work in Michigan,” Granholm said. “By undertaking these expansions, both cutting-edge companies are sendinga strong message that Michigan is a great place to invest and create jobs.”
The projects announced today:
Azentek LLC – Organized in 2006, the designer and developer of in-vehicle infotainment systems located in Grand Blanc (Genesee County) will invest $3 million to consolidate current operations and expand in Grand Blanc, creating 198 new jobs including 78 directly by the company. Based on the MEDC’s recommendation, the Michigan Economic Growth Authority today approved a state tax credit valued at $1.5 million over 10 years to win the project over a competing site in China. Grand Blanc Township is considering a six-year abatement valued at $36,065 to support the project.
Orchid Unique Orthopedic Solutions – This single-source manufacturer of surgical cutting accessories, instruments and implants will invest $3.5 million to consolidate operations and expand its facility in Bridgeport Township (Saginaw County), creating 142 jobs, including 60 directly by the company. Orchid Orthopedic Solutions, founded in 2005, has 632 employees statewide, including 320 in Bridgeport. Based on the MEDC’s recommendation, the Michigan Economic Growth Authority todayapproved a state tax credit valued at $763,000 over seven years to win the project over competing sites in Tennessee and California. Bridgeport Township is considering a 12-year abatement worth $183,258 to support the project.
“Successful economic development depends on solid teamwork,” MEDC President and CEO James C. Epolito said.“Successful collaboration between the state and our local partners has created an environment in which these innovative businesses can grow and help diversify our economy at the same time.”
TheAzentek and Orchid Unique expansions are two of 11 economic development projects the governor announced today. In all, they are expected to create and retain 3,901 Michigan jobs.
In her 2008 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 241,000 jobs as a result of targeted assistance provided by the MEDC.
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.
