435 New Jobs for Michigan Workers
Mold Masters Company has decided to expand in Lapeer thanks to assistance from the Michigan Economic Development Corporation (MEDC).
Mold Masters will expand its existing plastic injected molded parts manufacturing facility in Lapeer rather than a site in Mayfield, Kentucky.This project will create 435 new jobs, 300 directly by the company.
“Kentucky offered this company an aggressive incentive package to pull up stakes and move.However, Michigan put on a full court press to keep Mold Masters in our state,” said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation.“This a great win for Michigan, especially for the Lapeer area workers who will benefit from these new, good paying jobs.”
Mold Masters will purchase a 236,000 square foot facility in Lapeer to expand operations.The company will invest about $6.3 million in the expansion, including building, machinery and equipment costs.
“We are extremely excited that Mold Masters Company chose to expand and grow their operations here in Lapeer County,” said Jay Swedler, executive director of Lapeer Development Corporation.”We look forward to Mold Masters future growth and prosperity in Lapeer County for many years to come.”
, according to an economic analysis completed by the University of Michigan.
A key component of the assistance provided by the MEDC is a Single Business Tax credit worth an estimated $1.5 million over the next 10 years.The incentive package also includes an Economic Development Job Training grant of up to $150,000 to train new employees and an abatement of the six-mill State Education Tax valued at$41,400.
This project will provide more than $12.2 million in revenue to the state over the life of the agreement, resulting in a net positive gain for the state of more than $10.7 million, after the tax credit.The project is expected to generate more than $153.4 million in personal income during that time.
“Through the efforts of the Michigan Economic Development Corporation, the City of Lapeer, Lapeer County Economic Development and Mold Masters Company, we can continue to provide a steady growth and job expansion, “ said Hugo Leonardi, president and CEO of Mold Masters.“On the surface Kentucky’s offer was very attractive, balancing principles and success is difficult in this global market.Ensuring the job security of our current employees, who are the basis of our success, was the priority.We are truly pleased to have the opportunity to stay in Michigan.”
Mold Masters is a privately owned automotive supplier of plastic injected molded and flocked parts.Currently, Mold Masters employs about 160 people in Michigan.
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.
Mold Masters Company
(All estimates in 2001 dollars)
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Personal Income Generated Over
Life of the Tax Credit Agreement