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The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of Michigan Business Development Program incentives to three companies planning expansions in the state.
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of Michigan Business Development Program incentives to three companies planning expansions in the state. The projects are expected to generate nearly $86 million in investments and add 600 new jobs in Michigan.
“Michigan is an increasingly attractive destination for new business investments that are creating new jobs across the state,” said Gov. Rick Snyder. “These three projects add to the momentum of our efforts to revitalize our state and bring new jobs to our communities. Our improved business climate is gaining notice by business leaders and these new investments and new jobs are the benefits of the reforms we put in place.”
The projects approved today:
Detroit Diesel Corporation, a member of the Daimler group, is a leading manufacturer of heavy duty diesel engines for the commercial truck market headquartered in Detroit. DDC plans to expand manufacturing and assembly capacity at its current facility in Redford Township to include production of the new asymmetric turbocharger as well as truck transmission assembly. The company plans to invest up to $77.2 million and create 50 new jobs, resulting in a $250,000 Michigan Business Development Program incentive. Michigan was chosen over a sister facility in Mexico. Redford Township has offered a 12-year property tax abatement valued at $6.6 million.
GKN Driveline North America is a subsidiary of GKN plc, an automotive supplier headquartered in England. The company plans to expand its existing automotive engineering and testing services operations in the City of Auburn Hills, investing $5.1 million and creating 50 new jobs. As a result, the company is being awarded a $1 million Michigan Business Development Program incentive in the form of a performance-based grant. Michigan was chosen over competing sites, including North Carolina. The City of Auburn Hills has offered a property tax abatement.
Teleperformance USA, based in Utah, is a leading provider of customer contact solutions. The company plans to open a new inbound customer care center to support one of the nation’s leading telecommunications companies in Cascade Charter Township. The company plans to invest nearly $3.8 million and create up to 500 new jobs, resulting in a $600,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Texas, Florida, Utah, Ohio, Louisiana and New York. The Right Place, Inc., the West Michigan non-profit economic development organization, has offered staff time and resources in support of the project.
“Today’s projects all mean more jobs and greater economic opportunities for people across Michigan,” said MEDC president and CEO Michael A. Finney. “We have greatly improved Michigan’s business climate and infrastructure, creating new paths to business growth, and these changes are showing strong results.”
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF will consider a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
Pure Michigan is a brand on the rise, representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead agency for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
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.