(FLINT, MICHIGAN – December 14, 2010) Acument® Global Technologies, Inc., a leading provider of mechanical fastening products and services for the transportation market, has received an $874,651 tax credit from the Michigan Economic Growth Authority (MEGA) board for expansion projects at five facilities in Michigan, four of them in Fenton and Grand Blanc Township.
Acument plans to invest $5.1 million to expand facilities in Genesee County, Sterling Heights and retain their headquarters in Michigan. Of the $5.1 million, Acument expects to invest approximately $3.4 million and create 150 new jobs over a three-year period at the facilities in Fenton and Grand Blanc Township. An estimated 50 new jobs will be added in 2011.
“Acument is very fortunate to have the support of the local communities where our Michigan operations are based,” said Timothy Weir, Director of Communications and Public Affairs, Acument Global Technologies. “We are grateful for the opportunity to expand our operations in the state, rather than in competing company sites in other states. We thank the MEGA Board, the City of Fenton, Grand Blanc Township and the Flint & Genesee Chamber of Commerce for their letters of support and efforts in helping us secure this tax credit.”
Plans for the facilities in Genesee County include new and refurbished equipment at the manufacturing plants in Grand Blanc Township – Acument Holly Operations, Acument North Holly Operations and Acument Holly Distribution Center – and converting the Acument Fenton Operations from an idle plant to a North American Processing and Engineering Center.
Acument was notified of the 5-year tax credit during the December 14 MEGA board meeting in Lansing. The MEGA board provides refundable tax credits against the Michigan Business Tax (MBT) to companies expanding or relocating their operations in Michigan.
Acument’s total investment in the Michigan facilities is anticipated to be $5.1 million, creating up to 263 new jobs over the next five years to support their growth. This number includes the 150 directly at the company. The MEDC estimates that the increased economic activity created by this project has the potential to generate an additional 113 indirect jobs.
The company currently employs more than 2,100 people in the United States, Mexico, Brazil and Italy. The five Michigan operations employ more than 450 people within two legal entities, Ring Screw LLC and Acument Fastening Systems, LLC.
City of Fenton Manager Lynn Markland noted in his letter of support that “The City of Fenton appreciates that Acument Global Technologies continues to be an outstanding corporate citizen in our community and that they have chosen to keep their operation in Fenton. We look forward to their continued success with our community.”
Added Micki Hoffman, Grand Blanc Township Supervisor, Acument “has always been a good neighbor and we are very excited about their expansion plans.”
Tim Herman, CEO, Flint & Genesee Chamber of Commerce and a MEGA Board member said the MEGA tax credit is an important step in making the Acument projects a reality. “The Regional Chamber worked diligently to ensure Acument was successful in securing the MEGA tax credits. I am pleased with the role that our organization has played in this process as a collaborative partner with the MEDC, Acument, the City of Fenton and Grand Blanc Township,” said Herman. “This project is another positive step for Genesee County, and is a good example of how strong partnerships make for strong communities.”