Friday, July 25, 2014
Projects resulting from investment missions showcase Michigan’s comeback
LANSING, Mich. – Six companies approved for state incentives this week have one key element in common - all are results of international investment missions Gov. Rick Snyder has taken since 2011.
“Our efforts to improve Michigan’s business climate have now made our state a desirable location for new investment from companies around the world,” Snyder said. “When I meet with companies on our trade missions, they are impressed with the strength of our economic comeback and our abundant talent. These investment missions have opened doors that had been previously closed and refreshed long-standing business relationships with business leaders in other countries.”
The six expansions in Michigan come from four countries visited by Snyder on trade missions since 2011 including China, Italy, Germany and Canada. Combined, the new business investments total $196.4 million and will create 1,598 jobs in Michigan.
“It is heartening to see solid results from our meetings with company executives in their homelands if not their home offices,” said Michael Finney, Michigan Economic Development Corporation President and CEO. “This one week’s announcements show what comes from making significant structural changes to improve our business climate and our aggressive pursuit of new business opportunities.”
The six projects resulting from Snyder’s investment missions are:
- Italy: Brugola OEB Industriale S.p.A.: Investing $19.6 million in a new facility that will create up to 58 new jobs in Plymouth. The company, which currently employs 13 people in a logistics and warehouse facility in Canton, manufactures automotive powertrain and engine fasteners that are used in one of every four vehicles in the world.
- Germany: Eissmann Group Automotive: Investing $13.55 million to establish its North American headquarters and a new manufacturing facility that will create 233 jobs in Port Huron. The German supplier of leather interiors for high-end vehicles was approved for a Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Ohio and Indiana.
- China: H.A. Automotive Systems Inc.: Investing $28.8 million and creating 368 jobs in Troy. The North American subsidiary of Shanghai Changhui Industry Development Company Ltd., an automotive lighting components supplier established is headquartered in Shanghai, China. The company has secured new contracts to supply North American automotive OEMs and plans to purchase a building in Troy to establish a headquarters, manufacturing, and R&D facility. Michigan was chosen over competing sites in several southern states.
- China: YanFeng USA Automotive Trim Systems, Inc.: Investing up to $56.2 million and creating 519 jobs by expanding its current manufacturing facility in Harrison Township. The Tier 1 Automotive plastics interior trim supplier for major OEMs in North America has facilities in Warren, Harrison Township and Missouri. The company was previously awarded a Michigan Economic Growth Authority Board seven-year Standard MEGA Tax Credit to purchase its facility in Harrison Township and create 131 jobs. Since then the company has been awarded multiple new contracts to manufacture center consoles, door panels and instrument panels for several automotive OEMs.
- Canada: Magna Exteriors and Interiors USA Inc., DBA Magna Interior Trim Components: The subsidiary of Magna International in Aurora, Ontario. Magna Interior Trim received an $822,000 Michigan Business Development Program performance-based grant in January for expansions to facilities in China Township in St. Clair County and Benzonia Township in Benzie County which were expected to generate new investment of $3.6 million and create 274 jobs. The company has since created the 274 positions and experienced additional growth that requires an additional 169 employees, receiving a grant increase of $513,000.
- Italy: Brembo North America Inc.: Investing $78.4 million while creating 254 jobs in Albion Township. The company is the largest wholly owned subsidiary of Brembo S.P.A, a world leader of brake systems for automobiles. Brembo North America, with headquarters and tech center located in Plymouth, plans to construct an industrial facility in Albion Township in Calhoun County to produce brake rotor castings.
“Investment missions are giving us the chance to tell Michigan’s comeback story around the globe,” Snyder said. “International companies are now considering Michigan as a prime location for their United States investments and that shows how far we have come.”
Snyder also emphasized the progress and ongoing efforts to attract more international investment into Michigan earlier this week at a panel discussion hosted by the Detroit Economic Club with Former U.S. Treasury Secretary Henry Paulson. The event highlighted that Michigan’s talented workforce, agricultural resources, manufacturing base, and proximity to world-renowned universities, make the state an attractive area for global organizations to build and grow businesses.
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