March 09, 2007
March 9, 2007
Governor, MEDC CEO to meet with key corporate leaders
LANSING - Governor Jennifer M. Granholm will begin an overseas investment mission Monday, March 11, to encourage German businesses looking to expand their presence in the U.S. to do so in Michigan. Michigan Economic Development Corporation (MEDC) President and CEO James C. Epolito will accompany the governor on the fourth investment mission of her tenure and second to Germany.
"This mission is all about attracting international investment to create jobs and grow Michigan's economy," Granholm said. "At every meeting, we will show that our state is the right place in America for global companies to invest and grow jobs. Innovation, education, R&D, high-tech manufacturing, a skilled workforce, and a high quality of life all come together in one place, and that is Michigan."
Granholm and her delegation will meet with high-level executives from several German companies considering making investments in the U.S., including DaimlerChrysler, FACTON Inc., FEV, GETRAG, Kostal of America, Magna Steyr, and AVL.
Several of the companies Granholm will meet with, including FEV and GETRAG, are involved in high-tech alternative energy engine and powertrain development. These are the types of cutting-edge companies Granholm is targeting to diversify the economy and make Michigan the nation's leader in alternative energy and high-tech automotive R&D.
More than 170,000 Michiganians are employed by more than 300 German-owned companies that operate here. German-owned companies are defined as those with at least 50 percent German ownership. These companies, representing a wide range of industry sectors, are heavily concentrated in advanced automotive manufacturing and research and development, sectors well known for producing high-wage jobs.
"Michigan competes in a global market, and it is important for us to step outside our boundaries to reach out to decision-makers in other parts of the world," Epolito said. "Business leaders and decision-makers across the globe are taking notice of our aggressive economic plan and choosing to invest and grow in Michigan."
During her tenure as governor, Granholm has welcomed a number of significant German company investments to the state, including major new developments by AVL, Behr America, Bosch, DaimlerChrysler, Eberspacher, FEV, Karmann, Mahle and Söhnergroup GRW Technologies. Many of the new facilities and expansions have been won by Michigan in head-to-head competition with other states and countries with the help of MEDC assistance.
Granholm's previous investment missions to Germany and Japan have resulted in more than $282 million in new investments and more than 1,600 new jobs.
Following the governor's two missions to Japan in 2005 and 2006, a total of 22 companies stated their intentions to expand in Michigan, for a total investment of $200 million and over 1,000 new jobs. Her investment mission to Germany in 2004 resulted in several companies investing approximately $82 million and creating more than 670 new Michigan jobs over the next several years.
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