Lear Corps. has planned to invest $112.5 million for development and expansion of three facilities in Michigan. Moreover, the project is likely to create about 500 new jobs in southeastern Michigan.
One new facility and expansion of two existing facilities
Lear is one of the largest supplier of the U.S. auto industry. The company is now planning to build a new factory in Michigan. In addition, the auto supplier giant will also retool two existing facilities in Michigan. The plants will increase company’s capacity of producing components for electric vehicles. Lear will develop the new facility in Independence Town in Oakland County. Significantly, the new facility will comprise of 120,000 square foot. Moreover, the auto supplier company will also ramp up its production at its existing facilities Traverse City and Macomb County which is part of expansion project. Lear’s CEO stated that the new facility on Oakland County will start production in early 2024. “As a Michigan-headquartered company, it’s important to make this investment in our backyard as we continue to grow our portfolio of products for electric vehicles.” Lear President and CEO, Ray Scott said in a statement.
$4.5 million Michigan Business Development Program support
The Michigan Strategic Fund board will support the project with a $4.5 million Michigan Business Development Program grant. Previously, Michigan Economic Growth Authority granted a tax abatement in 2009 and a performance based grant in 2017 to Lear. The support helped the company in creating 435 jobs. Moreover, Michigan Economic Development Corp. officials stated that the incentives were crucial for Lear to expand in Michigan. According to Michigan Economic Development Corp, Lear chose Michigan because of its killed labor force, proximity to its customers and potential for inventory and transportation cost savings.
500 potential jobs
Furthermore, the expansion project is likely to create around 500 new jobs. Moreover, the new jobs created under the expansion will pay an average hourly wage of $20.30 plus benefits. Currently, Lear is operating 253 facilities in 38 countries. In addition, they have a workforce of more than 160,000 employees across the globe.
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