LANSING – Speaker Pro Tempore Pam Byrnes (D-Lyndon Township) today applauded the recent decision by the Michigan Economic Growth Authority (MEGA) Board to approve $420,388 in tax credits over seven years for Molded Materials, Inc. (MMI). The credits will allow the company to consolidate two existing Plymouth locations into a facility in Saline, diversify into emerging industries and create nearly 30 jobs.
"In order to turn things around in Michigan we need to put people back to work," Byrnes said. "As the manufacturing and auto industries continue to struggle, we have no choice but to diversify and embrace emerging industries such as life sciences and alternative energy. These type of credits attract quality job providers and send the clear message that Michigan is open for business."
In order to activate the High-Technology Employment Tax Credit, the company must make a minimum capital investment of $1 million and only use the credits for jobs created in areas of diversification. MMI plans to consolidate two of its three existing Plymouth facilities into a leased facility in Saline. MMI will also invest approximately $2.9 million into the project to upgrade the facility and equipment. The company intends to further diversify in areas of new growth including aerospace, life sciences and alternative energy.
MMI designs and manufactures tooling and molded composite components for various industries including automotive material handling, railroad, automation, alternative energy, life sciences and aerospace. According to the Michigan Economic Development Corporation, MMI, which currently has 45 employees, considered Ohio for this project.
"In this economy we must not only attract new businesses, but work to retain and retool those we already have," Byrnes said. "Molded Materials is working to diversify in the type of industries necessary to compete in the 21st century economy. We need to do all we can to attract businesses like MMI to our region and our state."