Gov. Rick Snyder has traveled far and wide with Michigan’s economic development message, and announced today that his trips have resulted in some concrete investments.
Six companies approved for incentives by the Michigan Economic Development Corporation (MEDC) this week were the result of his trade missions to countries such as China, Italy, Germany and Canada. In total, they are expected to bring $196.4 million in new business investments and create 1,598 jobs in the state.
“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.”
Earlier this week, the Michigan Strategic Fund approved incentives for Brembo North America of Italy, H.A. Automorive Systems and YanFeng USA Automotive Trim Systems from China, and Magnum Exteriors from Canada.
At the administrative level, another incentive was approved: German-based Eissmann Group Automotive is investing over $13 million to establish its North American headquarters and a new manufacturing facility in Port Huron. It’s expected to create 233 jobs. The company, which produces automotive interior components, received an $850,000 Michigan Business Development Program grant from the state.
Brugola OEV Industriale, an Italian company, plans to invest $19.6 million in a new facility that will create up to 58 new jobs in Plymouth. They have an existing facility in Canton. Plymouth Township Supervisor Richard Reaume said the township will give the company a personal property tax abatement, which won’t be necessary if Proposal 1 passes. An MEDC spokesperson said the company is not getting a state incentive, but was attributable to the overseas missions.
“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.”
Source: MEDC
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