385 New Jobs Coming To Grand Blanc Township 4-20-2011 - WNEM TV 5

385 New Jobs Coming To Grand Blanc Township 4-20-2011

The Michigan Economic Growth Authority Tuesday approved tax incentives for two subsidiaries of auto supplier Magna International that are choosing to expand in Michigan, including Magna Electronics Technology in Grand Blanc Township.
Magna Electronics Technology plans to invest $64.8 million to expand its manufacturing facility on Holly Road to meet an anticipated increase in demand for its back-up camera technology.
The company said it expects the project to create up to 385 direct new jobs, resulting in a state tax credit valued at $2.1 million over five years.
Michigan was chosen over competing sites in Ohio, Canada and Mexico.
"Today's MEGA board action highlights our economic-gardening strategy at work to help long-established companies such as Magna grow their footprint in Michigan," said Michael A. Finney, president and CEO of the Michigan Economic Development Corporation. "Magna Electronic Technology's new investment plans underscore once more our state's tremendous talent and the continued growth of our auto supplier sector."
The township of Grand Blanc is considering an abatement in support of the project.
This project is among five new corporate expansion decisions across the state approved by MEGA that will generate $163 million in new private investment, adding a projected 1,376 jobs, according to a news release.
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