Thursday, October 23, 2008
The Michigan Economic Development Corporation today announced that Falcon Tool & Die in Spring Lake has been approved to join the First Choice Machining Solutions Tool & Die Recovery Zone. As a member of the collaborative, the company will able to operate free of most state and local taxes for 12 years, making it more competitive in today’s global market.
The designation was approved today by the Michigan Strategic Fund Board.
“We’re happy to welcome Falcon Tool & Die as the newest member of Michigan’s tool and die alliances,” James C. Epolito, MEDC president and CEO and chair of the Michigan Strategic Fund board said. “Tax-free designation strengthens these companies through the benefits of collaboration and lower taxes.”
Detailed information about First Choice Machining Solutions and its member companies is available at www.firstchoicemachiningsolutions.com/.
“Our companies face many common issues and we look forward to partnering in the development of responsive business strategies to meet the challenges of globalization and industry contraction,” Falcon Tool & Die President Dave Peppin said.
The zones allow companies to operate free of most state and local taxes. Amendments to the Michigan Renaissance Zone Act in 2004 allow existing zones to request the inclusion of additional companies.
To receive consideration for Recovery Zone designation, tool and die companies must have a collaborative agreement that demonstrates synergistic opportunities among the companies.
According to the most recently available information from the U.S. Bureau of Labor Statistics, Michigan has some 1,780 tool and die establishments with 35,831 employees representing 19 percent of the U.S. total in the industry.
The MEDC, 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. For more information on MEDC initiatives and programs, visit the Web site at www.michiganbusiness.org.