The Michigan Economic Development Corporation (MEDC) announced today that Veridian Corporation will be relocating and expanding its research and development center in Ypsilanti Township.The company plans to invest approximately $38.8 million in a new facility and create up to 245 new jobs by September 2009.
“As our nation’s security needs grow, there is a corresponding need for companies that have the resources and experience to meet the challenge,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation.“Veridian is at the forefront of national security and intelligence systems, and we are glad to see the company choose Michigan as the location to fulfill its growth opportunities.”
Veridian had also considered expanding to an existing facility in Ohio.Am MEDC incentive package, including a Single Business Tax credit valued at $8.6 million (in 2002 dollars), helped convince the company to build a new facility in Michigan.
“We are excited about moving into a new facility, which will allow us to continue to grow our business and create new jobs for Michigan workers,“ said Ralph H. Mitchel, president of Veridian’s Sensor Systems Sector.”We are looking forward to establishing even greater future successes by leveraging relationships with our national customers, local Michigan universities, and the growing high-tech business base in southeast Michigan.“
According to an economic analysis conducted by the University of Michigan, it is estimated that Veridian’s expansion will generate a total of 366 jobs in the state by 2020, including up to 121 jobs as a result of increased economic activity related to the expansion.The expansion will provide an estimated $32.1 million in revenue to the state over the life of Single Business Tax credit, resulting in a net gain for the state of more than $23.5 million.The project is expected to generate more than $401 million in personal income during that time.
Headquartered in Arlington, Virginia, Veridian is a leading provider of information-based systems, integrated solutions and services to the U.S. government, particularly for defense and intelligence initiatives.During Veridian’s 56-year history, the company has invented many of the sophisticated radar, electro-optical, and other imaging sensor technologies that are central to maintaining the national security and safety of the United States and other countries of the world.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
University of Michigan Economic Analysis
(All estimates in 2002 dollars)
|TOTAL JOBS CREATED||366|
|NET POSITIVE STATE REVENUE IMPACT||$ 23,506,000|
|Average Weekly Wage||$1,205 |
|Personal Income Generated Over|
|Life of the Tax Credit Agreement||$401,879,000|
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