A vacant building in Auburn Hills was another snapshot of Michigan’s dark economy, but with the move-in of a global automotive supplier the picture is brightening.
The April 1 opening of the Teijin Composites Application Center (TCAC) also puts this metro Detroit operation in a position to globally market, develop and apply the latest uses for high volume, high-speed production of carbon fiber reinforced thermoplastic composite products, and to increase the use of carbon fiber in automobiles and other products.
The state has awarded $375,000 in tax incentives to open the $7.9 million development center, which will create 25 new jobs and could lead to more. The city of Auburn Hills is offering tax abatements as well.
Teijin, a Japanese conglomerate and leader in the carbon fiber composites industry, established its American division in 2011, the same year it struck a deal with General Motors Corp. to co-develop the advanced carbon fiber composite technologies needed for GM cars, trucks and crossovers.
Teijin’s high volume, high speed process for producing the materials is considered an innovative breakthrough in the automotive industry.
The company is also receiving other tax credits and abatements from the state and the city as part of a program that seeks to simply business establishment in Michigan. In addition, Gov. Rick Snyder taking delegations to Asia with hopes of bringing business to Michigan.
“These new flexible incentives, paired with Michigan’s simplified and reduced business tax structure and initiatives to connect employers with talented workers, are creating one of the best business climates in the country,” Michigan Economic Development Corp. President and CEO Michael Finney says in a statement announcing the Teijin project – and others.
Source: Michael Shore, communications, Michigan Economic Development Corp.
Writer: Kim North Shine