Tuesday, July 26, 2005
Michael Shore, MEDC
Relocation From Chicago Creates 146 New Jobs in Michigan
Governor Jennifer M. Granholm congratulated BorgWarner on today's dedication of the company's new worldwide headquarters in Auburn Hills. The global auto supplier's relocation from Chicago is expected to create 146 new jobs. Assistance offered through the Michigan Economic Development Corporation (MEDC) helped convince the company to make the move and invest $8.9 million in the new facility.
"Borg Warner's move to Auburn Hills reinforces Michigan's standing as a global leader in auto production and R&D," Granholm said. "This is the type of growth that will continue to make Michigan competitive in a 21st century economy."
Granholm added that Michigan is considered a global leader not only in automotive manufacturing, but also in testing, research and development and design.
BorgWarner is a leading global supplier of highly engineered components and systems for vehicle powertrain applications.
"BorgWarner strives to make its mark on the auto industry, through global powertrain innovation and as a good community citizen, as the company continues to grow," BorgWarner, Inc. Chairman and CEO Tim Manganello said. "As we dedicate this building today, we salute the people behind the achievements and successes that will grow from within its walls."
According to an economic analysis conducted by the University of Michigan, it is estimated that 90 jobs will be created directly by the headquarters relocation with another 56 indirect jobs created as a result of the increased economic activity. The project will result in a net state revenue gain of more than $9.9 million over the life of the tax credits.
"BorgWarner's decision to move here is an indication of a brighter economic horizon for Michigan," MEDC President and CEO Don Jakeway said. "The increased presence of this global company will anchor our leadership in the industry and create additional opportunities for growth."
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.