MEDC's $45 million worth of auto, manufacturing deals add up to 450 jobs

Thursday, October 28, 2010 | Source: metromode

Automotive and manufacturing outside of the Big 3 were also big winners on Tuesday when the Michigan Economic Development Corp announced billions of dollars in new investments.

Six state tax credit deals totaling $45.2 million worth of investment that will create 450 new jobs across Metro Detroit were announced. Those cities include Ypsilanti, Madison Heights, Plymouth, Harrison Township, Auburn Hills, Fenton, and Troy.

Among the most promising for Michigan's new economy is Powertrain Integration's $2 million investment in New Eagle for its development of fuel-efficient technology for automobiles. Madison Heights-based Powertrain Integration is an automotive supplier for niche vehicles. Its investment in New Eagle is prompted in part by a $300,000 state technology collaboration tax credit, a unique software code for use in an automotive engine control module that will help make cars more fuel efficient. Plus it will create 42 new jobs.

"What it does is enables existing Michigan companies to invest in startups," says Elizabeth Parkinson, vice-president of marketing & communications for Ann Arbor SPARK.

Among the other deals are:

- Cequent Performance Products is investing $3.4 million to broaden its research and development and sales operations in Plymouth. Cequent designs, manufactures, and markets a broad range of aftermarket accessories for the transportation industry. The state tax credit of $896,963 over six years is expected to create 60 new jobs.

- Creative Foam, a designer and manufacturer of foams and plastics for the automotive and medical industries, plans to invest $1.5 million to expand its Fenton facility so it can manufacture parts for wind turbine blades. The MEDC gave the company a $362,386 tax incentive over five years that should create 63 jobs.

- Dokka Fasteners received a $1.5 million state tax credit for its investment in a new Auburn Hills operations. The manufacturer of hot-formed bolts primarily for the wind industry plans to invest $21 million and create 90 jobs over the next seven years.

- Yanfeng USA Automotive Trim Systems is sinking $17 million into expanding its Harrison Township facilities, a move expected to create 131 new jobs. The China-based company received a $1.1 million state tax credit over seven years.

- Troy-based P3 North America, a professional management services and engineering firm, will invest $332,000 into its operations for electric device technology and laboratory testing for infotainment systems and other connected vehicle technologies. The new investment is expected to create 65 new jobs over the next five years, thanks to a $485,958 state tax credit.

Source: Michigan Economic Development Corp and Elizabeth Parkinson, vice president of marketing & communications for Ann Arbor SPARK
Writer: Jon Zemke and Kristin Lukowski