Governor Jennifer M. Granholm announced today that assistance from the Michigan Economic Development Corporation (MEDC) has helped convince Dispomedic 2000, Ltd. to locate its first North American production operations in Port Huron.
The Israel-based company plans to invest $9 million in a 60,000 square foot building in the City of Port Huron Industrial Park, where it will manufacture syringe products. Dispomedic 2000’s operations are expected to create 415 new Michigan jobs by 2015, including 200 directly by the company.
“Largely as a result of the Michigan Life Sciences Corridor initiative, Michigan is now the fastest-growing state in the nation for new life sciences companies,” Granholm said. “Dispomedic 2000’s operations in Port Huron will advance this key industry for our state, while also providing quality jobs for Port Huron families.”
Dispomedic 2000 had considered locating the manufacturing complex in either Port Huron or a competing site in Louisiana. A Single Business Tax credit offered today worth $1.6 million over a 12-year period helped convince the company to expand and create new jobs in Michigan.
The City of Port Huron was expected today to help attract the development with its approval of a tax abatement for Dispomedic 2000 worth an estimated $1.1 million over 12 years.
“We see this as a very important first step in the diversification of our local economy away from its heavy dependence on the automotive industry,” said Economic Development Alliance Executive Director Doug Alexander. “We hope the addition of Dispomedic will help us attract other businesses of its kind to St. Clair County.”
According to an economic analysis conducted by the University of Michigan, it is estimated that Dispomedic 2000’s expansion will create an additional 215 Michigan jobs as a result of increased economic activity, in addition to the 200 jobs created directly by the company. The company’s increased operations will result in a net state revenue gain of more than $13 million over the life of the Single Business Tax credits.
Dispomedic 2000 is a new company created to manufacture high quality safety syringe products, primarily for the medical industry. The company’s ownership originates from Israel, where another manufacturing facility is located.
"We very much appreciate the outstanding assistance provided us by the Economic Development Alliance and MEDC and the package of state and local incentives offered to Dispomedic which has made our decision to locate in Michigan possible,” said Dispomedic 2000 President and CEO Barry Berler.“We look forward to starting operations in the near future and growing our business with the continued cooperation and assistance of everyone involved to date."
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
Dispomedic 2000, Ltd.
(All estimates in 2002 dollars)
|TOTAL JOBS CREATED|
|NET POSITIVE STATE REVENUE IMPACT||$13,380,000|
|Personal Income Generated Over|
Life of the Tax Credit Agreement
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