- Flint & Genesee Chamber of Commerce helped to bring partners and resources together
- Magna plans to invest $64.8 million to expand their local operations creating 385 new jobs over five years
(FLINT, Michigan - April 19, 2011) – The Flint & Genesee Chamber of Commerce announced today that Magna Electronics Technology, Inc., an operating unit of Magna International Inc. has received a $2.1 million tax credit from the Michigan Economic Growth Authority (MEGA) Board for an expansion project at their facility located in Grand Blanc Township.
The company plans to invest $64.8 million to expand their operations at its Holly Road facility. The expansion is expected to create 385 new jobs over the next five years that will include engineers, operators and management positions.
Magna Electronics develops and manufactures electrical and electronic products and systems for the automotive industry such as reverse assist cameras, lane departure warning systems and electronic motor control units.
The project includes a 35,000 square foot expansion to manufacture rear vision cameras. Construction is set to begin the 3rd quarter of 2011. Limited production begins around the end of 2012 and ramps up to full production by 2014.
Jeff Gary, General Manager, Magna Electronics said Holly Magna Electronics is very excited to be a recipient of a MEGA tax credit for a project that will expand manufacturing operations in Michigan and create more opportunities for the company. "On behalf of Magna Electronics, we are very appreciative of the support we received from the MEDC, Flint & Genesee Chamber of Commerce and Grand Blanc Township in assisting us with this expansion project,” he said.
Magna was notified of the five-year tax credit during the April 19 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.
Grand Blanc Township Supervisor Micki Hoffman said: “Magna has been a great asset to the Flint-Genesee County community. We are thrilled they chose the Grand Blanc Township facility for this important expansion project.”
Tim Herman, CEO, Flint & Genesee Chamber of Commerce and MEGA Board member said the tax credit is terrific news for Magna Electronics, Grand Blanc and Genesee County. “This allows the company to expand their business, offer innovative new products and create more new jobs in our community.”
Herman added: “It’s great to have the rear assist technology manufactured right here in Genesee County. On behalf of the local business leaders in this community, I want to congratulate Magna on their product leadership and continuing to make significant investments in our community.
“Our economic development staff played an important role in bringing all the partners and resources together to make this happen including the Michigan Economic Development, MEGA Board, Grand Blanc Township and Michigan Works! Career Alliance.”
In December 2009, the MEGA Board approved a tax credit for Magna Electronics to solidify a $70 million investment in Grand Blanc Township and create 525 new jobs over five years. The tax credit helped Magna expand its facility to build a new electric motor manufacturing facility and add power electronic systems operations.
Magna International Inc. and subsidiaries have over thirty locations and approximately 6,600 employees in the State of Michigan. Magna Electronics Technology, Inc. has 292 employees in Michigan at facilities in Grand Blanc Township, Genesee County and the City of Troy in Oakland County.
About the Flint & Genesee Chamber of Commerce
The Flint & Genesee Chamber of Commerce (www.flintandgenesee.org) is the voice of business and community advocacy in Genesee County. The Regional Chamber is over 100 years old, was established before the Michigan Chamber of Commerce and is a founding member of the United States Chamber of Commerce.
Two words describe the Regional Chamber as it enters its second century of service: collaboration and partnership. It is our goal to work with government, business, education and nonprofit organizations to support the growth and development of the community economically, culturally and socially.