Michigan Strategic Fund Assists 3 Firms With Business Expansion
“Today’s MSF actions will lead to new business growth, revitalized communities and more and better jobs for our residents,” said Michigan Economic Development Corporation CEO Steve Arwood. “The decision by these companies to expand in Michigan demonstrates our state’s greatly improved and diverse business climate.”
The Michigan Strategic Fund approved the following items:
Germany-based ZF North America, Inc., a subsidiary of ZF Friedrichshafen AG, a worldwide leader in driveline and chassis technology, plans to expand its technical center in the Charter Township of Northville, Michigan. The project will enable to firm to undertake additional research and development services to design, develop and test new vehicle components and systems.
According to the MEDC, the project will generate a total capital investment of nearly $71.2 million and create 571 jobs, resulting in a $4 million Michigan Business Development Program performance-based grant. In addition, the Charter Township of Northville offered support to the project in the form of property tax abatement.
Master Automatic Machine Company, Inc., a manufacturer of precision screw machine products for the automotive industry, will acquire new equipment at its locations in the city of Livonia and Plymouth Charter Township. The company plans to invest $4 million and create 82 jobs. The project received Michigan Strategic Fund approval of a bond authorizing resolution for $4 million in private activity bonds for the project.
In Romulus, Michigan, Packaging Specialties, Inc., a producer of packing materials, will expand its facility and relocate from Ecorse, Michigan to Romulus, investing approximately $4.1 million and creating 50 jobs. The project today received Michigan Strategic Fund approval of an inducement resolution for issuance of up to $4.3 million in private activity bonds for the project.
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