The Michigan Economic Development Corporation will help eight companies grow and back two redevelopment projects, which will retain and create over 14,000 jobs, including many in the Metro Detroit area. All told, $715 million in investment is expected for the following projects:
-High-tech software company FACTION Inc has plans to invest $1 million into its new office in Auburn Hills, creating over 50 new jobs within the company in the process.
-Pharmaceutical start-up Lycera Corporation plans to invest $676,000 to establish operations in Ann Arbor SPARK’s wet lab incubator, a project that will create 34 new jobs.
-Netlink Software Group will invest $4 million to expand and relocate its facilities from Southfield to Madison Heights. The project is expected to create 473 jobs.
-Kostal of America Inc, an electronic engineer and design firm that serves the auto industry, will relocate and expand its Novi operations to Troy. The expansion will create over 200 high-tech jobs.
-General Motors is considering potential investments of over $500 million with Orion Assembly, Saginaw Metal Casting and additional companies across the state over the next two to three years. The projects would retain 6,711 jobs, including 880 directly by the company.
-The Hybrid Development Center in Troy, a Joint venture of GM, DCX and BMW, will create and retain over 400 jobs.
-Redford Township Medical Building LLC will utilize a brownfield Single Business Tax credit in order to build a new 12,000 square foot facility. As many as 30 professional and support jobs will be created.
-Delphi Corporation has plans to invest over $40 million into the consolidation of R&D, engineering and business operations to a single location in Auburn Hills, retaining approximately 2,000 jobs in the process.
The other projects announced were located in the Grand Rapids area.
For more information on the Michigan Economic Development Corporation’s projects and initiatives, visit michigan.org.
Source: MEDC
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