Auto Companies Set to Invest $1 Billion, Add 3,800 Jobs

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The state of Michigan’s Economic Development Board announced late Tuesday that its Strategic Fund Board has approved state incentives for nine business expansions and community improvement projects and $6 million in emergency infrastructure funding. The projects are expected to generate more than $1 billion in new investments and add more than 3,800 jobs in the state.

General Motors Co. (NYSE: GE) received an increase in a tax credit to cover a new total of 34,750 jobs, up from a prior total of 30,000. GM plans to invest about $800 million in upgrades to its facilities in Michigan and plans to add 1,750 jobs in the state by consolidating various engineering activities that currently take place outside Michigan.

Brembo North America, the largest wholly owned subsidiary of Italy’s Brembo SpA, plans to invest more than $78 million and add 254 jobs at a new facility to produce brake rotor castings. The state has approved $2 million for a performance grant and $1.5 million for job training. Brembo also received an amended tax credit similar to GM’s.

Other awards were made to solar panel maker Suniva; H.A. Automotive Systems; Challenge Manufacturing Company; a subsidiary of Magna International Inc. (NYSE: MGA); Middleville Tool & Die; the city of Detroit; and YanFeng USA Automotive Trim Systems.

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