© nyul dreamstime.com Electronics Production | November 29, 2018
Michigan on the move – new investments from Ford, Aptiv and Samsung
The Michigan Strategic Fund (MSF) has recently approved several projects which are expected to generate more than 3’400 new direct jobs in the region.
Ford Motor Company plans to transform the long-vacant Michigan Central Station and several adjacent properties into a new campus in Detroit’s Corktown neighbourhood. The new campus will function as an innovation hub for Ford’s vision for the future of transportation, the Michigan Economic Development Corporation announces. “Today’s high-impact projects – from Ford’s transformational development in downtown Detroit, to continued investment in automotive high-tech, to revitalization of our communities like Battle Creek – demonstrate that Michigan’s momentum continues and offers the promise of even greater economic growth,” says Gov. Rick Snyder, in the press release. The facility will be where Ford and its partners develop autonomous and electric vehicles, and design mobility services and solutions for urban environments. The project is expected to generate a total private investment of USD 740 million and bring 2,500 jobs directly with Ford, and an additional 2’500 jobs with Ford’s partners and suppliers. In September, Ford committed USD 10 million for programs to support economic growth, housing affordability, workforce development, parks preservation, neighborhood safety and preserving Corktown’s culture. The Michigan Strategic Fund today approved a 30-year MSF Designated Renaissance Zone valued at approximately USD 208.8 million in support of the project. “We are grateful for the decision by the Michigan Strategic Fund Board to approve the Renaissance Zone for Ford’s Corktown campus,” said Ford Motor Company Vice President of Government Relations Curt Magleby. But that is not all for Michigan; mobility technology company Aptiv plans to renovate its existing facility in the city of Troy to seat about 500 engineers and support staff. Aptiv is expected to generate a total private investment of USD 20 million and create 500 jobs over the course of the project, resulting in a 100-percent Good Jobs for Michigan tax capture for up to 10 years valued at USD 30.6 million. Governor Snyder signed the Good Jobs for Michigan bills into law last July. But there are even more automotive related investments taking place in the state. The MEDC also announces that Samsung SDI, the battery manufacturing arm of the South Korean giant, is betting on Michigan. Samsung SDI America, Inc., headquartered in San Jose, California, currently has 130 Michigan based employees and plans to expand its manufacturing presence by creating its first high volume automotive battery pack manufacturing facility in the United States in the city of Auburn Hills. The facility will be SDI’s principal North American electric vehicle battery pack manufacturing location. The project is expected to generate a total capital investment more than USD 62 million and create 461 jobs, resulting in a USD 10 million Michigan Business Development Program performance-based grant, the press release reads. “Leading businesses continue to realize the competitive advantages that Michigan has to offer; high-tech engineering resources, top-notch research and design, and a highly skilled workforce matched with a low cost of living and low cost of doing business,” says Jeff Mason, CEO of MEDC, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF. “With announcements like KLA-Tencor last month and Samsung today, we continue to see increased interest in Silicon Valley companies looking to relocate or expand into Michigan. The jobs, both direct and indirect, created by Samsung, Aptiv, Ford, and others will further expand Michigan’s high-tech, R&D and engineering footprint today and position us for future growth.