Toyoda Gosei North America Corporation is expanding in Troy with support from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today. The expansion is expected to generate $7.9 million in new private investment and add 51 new jobs.
“Toyoda Gosei is a world leader in automotive products, and this expansion in Troy will further strengthen its Michigan presence,” said MEDC President and CEO Michael A. Finney. “This new investment demonstrates that Michigan’s highly competitive business climate and world class workforce mean real opportunities for leading edge companies.”
Toyoda Gosei North America Corporation is a subsidiary of Toyoda Gosei Co., Ltd., a global automotive parts manufacturing company headquartered in Japan. Toyoda Gosei North America was established in the City of Troy in 1999 as the company’s North American headquarters and focuses primarily on sales, engineering and administration for its subsidiary entities engaged in research and design and manufacturing operations throughout North America. The company plans to expand its operations in Troy, investing up to $7.9 million and creating 51 new professional jobs. As a result, the company has been awarded a $250,000 Michigan Business Development Program performance-based grant. The City of Troy is supporting the project with a nine-year property tax abatement with an estimated value of $73,581. For information on employment opportunities with Toyoda Gosei North America, visit www.toyodagosei.com.
“We are glad to establish ourselves in Troy, Michigan and look forward to a long and prosperous relationship with the city,” said Toyoda Gosei North America Corporation Vice President of Administration Kurt Weaver.
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF considers a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
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