Granholm Announces Companies Investing Over $247 Million, Creating More Than 11,000 New Jobs in Michigan
June 16, 2009
The projects span the upper and lower peninsulas and include aerospace, automotive and wind-turbine manufacturers; one of the nation's largest insurance management service companies; and brownfield redevelopments that will transform abandoned and contaminated sites into new centers of economic growth and activity.
"We are making significant progress toward diversifying Michigan's economy despite a national recession," Granholm said. "The expansions announced today demonstrate that businesses across a wide spectrum of sectors are choosing Michigan over other states for new growth opportunities. These are the types of projects that will transform our economy and create good-paying jobs for our workers."
Project details include:
- Alma Products I - The 65-year-old subsidiary of ETX, Inc. is a manufacturer and remanufacturer of air conditioning compressors, torque converters, clutch & disc assemblies and transmissions plans to invest $1.9 million to relocate the remanufactured transmission operation of ETX Transmissions Inc. from Mundelein, Illinois to Alma. The Michigan Economic Development Corporation (MEDC) estimates that increased economic activity created by the facility will create 158 new jobs, including 76 directly by the company. The MEDC estimates increased economic activity created by the project will create an additional 82 indirect jobs. Based on the MEDC's recommendation, the Michigan Economic Growth Authority (MEGA) board today approved a state tax credit valued at $937,196 over seven years to help convince the company to locate in Michigan over competing sites in Texas and Illinois. The city of Alma is considering an abatement in support of the project. http://almaproductscompany.web.officelive.com/default.aspx
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC's initiatives and programs, visit the Web site at www.TheMEDC.org.
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