(FENTON, MICHIGAN – October 26, 2010) Fenton-based Creative Foam, which designs and manufactures cellular and non-cellular foams and plastics for customers in the automotive and medical industries, has received a $362,386 tax credit from the Michigan Economic Growth Authority (MEGA) board to expand their expansion of their manufacturing of machined core materials comprised of their composite materials to supply the renewable energy market.
“The automotive and medical industries continue to be a very important part of our business. However, we’re also glad to bring new industries to Michigan,” said Wayne Blessing, CEO and President, Creative Foam Corporation. Blessing added: “The tax credits awarded to Creative Foam means that we can expand into new and exciting markets such as wind energy. We thank the MEGA Board, the City of Fenton and the Flint & Genesee Chamber of Commerce for their support of our Michigan expansion plans.”
Creative Foam was notified of the 5-year tax credit during the October 26 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.
Creative Foam plans to invest $1.5 million and create 63 new jobs over the next five years to support their growth in producing high tolerance composite foam cores and specialized processing equipment for wind turbine blades. The company currently employs more than 500 people, with 366 employees in Michigan.
Blessing and other Creative Foam executives were in Lansing on Tuesday for the announcement. Fenton Mayor Sue Osborn and Janice Karcher, Regional Chamber Vice President of Economic Development was also present at the MEGA meeting. Tim Herman, CEO, Flint & Genesee Chamber of Commerce is a MEGA Board member.
City of Fenton Mayor Sue Osborn said “Creative Foam is a real asset in Fenton and Genesee County. We want to encourage more companies like Creative Foam to consider our community to expand their operations and bring new investment and jobs to the area.”
Herman said the MEGA tax credit is an important step in making the Creative Foam expansion project a reality. “The Regional Chamber has worked closely with Creative Foam for many years. I am pleased with the role that our organization has played in this process as a collaborative partner with the MEDC, Creative Foam and the City of Fenton,” said Herman. “On behalf of all of our business leaders, I want to thank Creative Foam for selecting Fenton and Genesee County for this important expansion project. We have a lot to offer in Genesee County, and this project is a good example of how strong partnerships can make it possible for companies.”
For more information about Creative Foam, visit http://www.creativefoam.com/