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Thursday, December 16, 2010

Michigan Economic Development Corp tax incentives bring manufacturing related jobs to S.E. Michigan

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Tax incentives from MEDC retains
383 manufacturing related jobs in
S.E. Michigan
Tax incentives from the Michigan Economic Development Corporation (MEDC) are expected to lead to the creation of 383 jobs in Metro Detroit over the next five years, with three automobile supplier companies.

The deals with Otto Bock Polyurethane Technologies, Piston Automotive, and Ring Screw will create manufacturing jobs in Rochester Hills, Redford Township, and Sterling Heights

Combined the companies will invest $33.4 million to make these deals possible. In return the MEDC granted the three companies a combined $2.435 million in state tax incentives.

Otto Bock Polyurethane Technologies specializes in orthopedic applications and special polyurethane applications in the automotive and furniture industries. 

Investing $13.3 million into a Rochester Hills facility the company will produce polyurethane parts. This investment is expected to create 98 jobs in Southeastern Michigan.

Piston Automotive, a tier one automotive supplier, is expected to invest $15 million into expanding its’ Redford plant to produce chassis and electric batteries. 

The project is expected to create 135 jobs in Metro Detroit. MEDC's tax incentives for Pistons Automobile assisted with Redford, Michigan winning the new jobs over a competing site in Kentucky.

Ring Screw, a subsidiary of Acument Global Technologies, will spend $5.1 million to expand the company’s facilities in Sterling Heights, Fenton, and Grand Blanc. 

In addition, Ring Screw will retain the manufacture headquarters in Michigan. The facilities will produce mechanical fastening products and services for transportation markets and create 150 jobs. Originally Ring Screw was considering expansion operations in Illinois, Indiana, Tennessee, and Mexico.

What are your thoughts on this article? Do you believe the tax incentives for the companies to add jobs to S.E. Michigan was appropriate? Why or why not? Feel free to comment on this story, below!
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