LANSING – The Michigan Economic Development Corp. (MEDC) Tuesday announced two Japanese companies, Panasonic Automotive Systems and Teijin Advanced Composites, were approved for incentives by the Michigan Strategic Fund through the new Michigan Business Development Program to support expansions in Michigan.
The projects were announced as Gov. Rick Snyder and a delegation of state and local officials and economic developers arrived in Stuttgart, Germany, during an eight-day investment mission to Italy and Germany, where they are meeting with leading business executives to strengthen relationships and attract new job-creating investments.
“These two world-class companies, Panasonic and Teijin, are recognized for their leadership and their decisions to invest here tells the world that Michigan is a great place to grow a business,” Snyder said. “These investments demonstrate Michigan’s singular leadership as a center of engineering, research, design and technical innovation with a business climate that enables their success.”
Panasonic Automotive Systems Co. of America has been awarded a $500,000 Business Development Program incentive to expand its southeast Michigan operations. Panasonic proposes to invest up to $8.16 million to establish a research and development facility for Human Machine Interfaces, vehicle sound systems and electronics for electric/hybrid vehicles in Farmington Hills. The company expects to create up to 60 new jobs in Michigan. Farmington Hills is supportive of this project and has approved tax abatements for Panasonic.
Teijin Advanced Composites America Inc., a Japanese developer of carbon fiber-reinforced thermoplastic composites for the automotive and other large-volume industries, proposes to invest up to $7.9 million to establish a new application development center in Auburn Hills. The company expects to initially create up to 25 new jobs, resulting in a state incentive of $375,000. Michigan was chosen over other competing sites in Ohio and Kentucky.
The City of Auburn Hills is supportive of this project and has approved tax abatements for Teijin.
“Teijin and Panasonic are the latest deals to be made under our new performance-based business investment program, one of Gov. Snyder’s main efforts to build a friendlier business climate in Michigan and drive Michigan’s economic turnaround,” said MEDC President and CEO Michael A. Finney. “These new flexible incentives, paired with Michigan’s simplified and reduced business tax structure and initiatives to connect employers with talented workers, are creating one of the best business climates in the country.”