Three business expansions that will generate nearly $29.8 million in total investment and create 148 jobs have received Michigan Strategic Fund approval for support in Novi, Litchfield, and Trenton, Michigan.
“Today’s actions offer further evidence of our commitment to help companies grow and generate new job opportunities for Michigan residents,” said MEDC CEO Steve Arwood. “These investments will all lead to greater economic opportunities for Michigan residents, drive future business investment, and create more and better jobs.”
In the city of Novi, Yanfeng Automotive Interiors plans to establish a state-of-the-art southeast Michigan headquarters and technical centers for instrument panel engineering and testing in the city of Novi, investing $8.45 million and creating 60 jobs.
Yanfeng Automotive Interiors is a large supplier of instrument panels and cockpit systems, door panels, floor consoles, overhead consoles, lighting and decorative trim. The company was formed in 2015 as a joint venture between Yanfeng Automotive Trim Systems Co., Ltd. and Adient.
The company has been awarded a $600,000 Michigan Business Development Program performance-based grant. In addition, the city of Novi has offered support to the project in the form of property tax abatement.
In Trenton, Michigan, Kerkstra Precast, Inc. specializes in structural and architectural precast for a variety of commercial, industrial and residential building types, as well as all types of infrastructure. The company acquired a large customer and plans to expand its facility in the city of Trenton, investing more than $16.2 million and creating 50 jobs.
As a result of its planned expansion, the project has been awarded a $300,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Ohio. In addition, the city of Trenton is offering support to the project in the form of a property tax freeze.
In Litchfield, Speedrack Products Group, Ltd., a leader in the storage products, is a single source supplier of pallet racking and storage systems. The company needs to add to its manufacturing capacity and plans by the purchase of a facility in the city of Litchfield, investing more than $5 million and creating 38 jobs.
As a result, the company has been awarded a $228,000 Michigan Business Development Program performance-based grant to assist with infrastructure upgrades and the purchase of new equipment. Michigan was chosen over competing sites in Indiana and Ohio. In addition, the City of Litchfield plans to offer property tax abatement in support of the project.