Tuesday, April 18, 2006
Michael Shore, MEDC
Global Manufacturer Chooses Michigan for $4.5 Million Investment
Governor Jennifer M. Granholm today announced Hess Industries Inc. will invest $4.5 million to expand its operations in Milton Township and relocate its Capitol Technologies division from Indiana. The project will create 142 new jobs, including 131 directly by the company. Assistance offered through the Michigan Economic Development Corporation helped convince the company to invest and create jobs in Michigan.
An economic analysis conducted by the MEDC estimates that increased economic activity created by the new facility will generate an additional 11 indirect Michigan jobs, in addition to the 131 created directly by the company. The project is expected to generate more than $46.3 million in personal income for Michigan workers over the life of the tax credit.
The expansion is one of five economic development projects the Governor announced today. In all, they are expected to create and retain a total of 14,297 Michigan jobs.
Based in Michigan and Indiana, Hess Industries operates through its three subsidiaries: Hess Engineering, Capitol Technologies and X-Cel Steel Fabricating. The group of companiesprovides a spectrum of metal forming, metal processing, manufacturing and factory automation solutions to the global market.
(All estimates in 2006 dollars)
|TOTAL JOBS CREATED|
|NET POSITIVE STATE REVENUE IMPACT|
|Personal Income Generated OverLife of the Five-Year Tax Credit Agreement|
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