ANN ARBOR, Mich., May 19 /PRNewswire/ -- Three Ann Arbor-based companies are planning to expand in the region with support from the Michigan Economic Development Corp. Velesco Pharmaceutical Services, CAS-MI Laboratories and Essen Instruments were all approved today for MEGA tax credits from the State of Michigan.
"It is exciting news and a testament to the strong entrepreneurial culture supported in the Ann Arbor region that these three companies are choosing to expand in our community," said Michael A. Finney, CEO of Ann Arbor SPARK. "The Ann Arbor region and all local businesses benefit from the strong partnership that exists between state and local leaders."
Velesco Pharmaceutical Services, founded by former Pfizer employees in 2007, provides analytical and drug formulation to small- and medium-sized pharmaceutical companies. The Ann Arbor company plans to invest $1.8 million to expand its laboratories at the Michigan Life Science and Innovation Center in Wayne County and to establish a manufacturing facility in the Kalamazoo area. The project will create 109 total jobs, including 35 directly by the company. The MEDC estimates that increased economic activity created by the project will create an additional 74 indirect jobs. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit valued at $431,536 over seven years to encourage the company to expand in Michigan over competing sites in California and Massachusetts.
CAS-MI Laboratories, a contract research, product development and testing center, plans to invest $3.6 million to expand its research and development services in Ypsilanti. The project is expected to create 124 jobs, including 60 directly by the company. The MEDC estimates the increased economic activity created by the project will create an additional 64 indirect jobs. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit valued at approximately $1.2 million over 10 years to help convince the company to expand in Michigan over a competing site in Missouri.
Essen Instruments Inc., inventor and manufacturer of life science instrumentation equipment, will open a new Discovery Services Unit, a team of contract research scientists, technicians and instrument operators in Pittsfield Township. The company plans to invest $3.1 million and create 244 total jobs, including 43 directly by the company. The MEDC estimates the increased economic activity created by the project will create an additional 201 indirect jobs. Based on the MEDC recommendation, the MEGA board today approved a state tax credit valued at $490,940 over seven years to encourage the company to expand in Michigan over a competing site in California.
In total, Velesco, CAS-MI and Essen will create 127 direct jobs in the Ann Arbor region and invest more than $7 million in capital in the local community.
ABOUT ANN ARBOR SPARK
Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, the Herbert and Grace Dow Foundation, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborSPARK.org.
|SOURCE Ann Arbor SPARK|
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