CAS-MI Laboratories Receives $1.2 Million Tax Credit for Expansion in Michigan (5/20/09)
Michigan Governor Jennifer M. Granholm has announced that the Michigan Economic
Development Corp. will support CAS-MI Laboratories' new Innovation Center
that will help entrepreneurs and established companies create new specialty
chemical products from concept to commercialization. Based on the MEDC's
recommendation, the Michigan Economic Growth Authority approved a state tax
credit for CAS-MI valued at $1.2 million over 10 years.
CAS-MI Laboratories is an independent testing laboratory specializing in paints and coatings, plastics and polymers, and adhesives and sealants. Due to the company's recent growth, expansion opportunities were explored in both Michigan and Missouri, where the company headquarters is located. However, the MEGA tax credit, in addition to the support of Ypsilanti Township, encouraged the company to expand near its current location. The credit will be awarded over 10 years and is aimed to help CAS-MI invest in the state's economy. CAS-MI Laboratories will use the tax credit in its efforts to expand its analytical and product development services.
This tax credit will help fund the expansion of CAS-MI's new Innovation Center. As the first order of business, CAS-MI and the Innovation Center will be moving from two facilities, one at Eastern Michigan University and another property near the campus, to a newly purchased 11,000-square-foot facility in Ypsilanti Township. CAS-MI plans to invest millions of dollars in building renovations, new equipment and state-of-the-art technology over the next five years. To further support local business, it will hire Michigan contractors with skilled labor to expand and modify the new facility.
The company currently employs eight people, but plans to add 10 more jobs by end of 2010. By 2014, the company expects to employ more than 60 people. CAS-MI has a long history of hiring from the southeast Michigan area, including students and graduates from Eastern Michigan University. CAS-MI will continue its dedication to hiring locals by engaging employees in technical, professional and clerical roles.
For more information, visit www.innovationcas-mi.com.
CAS-MI Laboratories is an independent testing laboratory specializing in paints and coatings, plastics and polymers, and adhesives and sealants. Due to the company's recent growth, expansion opportunities were explored in both Michigan and Missouri, where the company headquarters is located. However, the MEGA tax credit, in addition to the support of Ypsilanti Township, encouraged the company to expand near its current location. The credit will be awarded over 10 years and is aimed to help CAS-MI invest in the state's economy. CAS-MI Laboratories will use the tax credit in its efforts to expand its analytical and product development services.
This tax credit will help fund the expansion of CAS-MI's new Innovation Center. As the first order of business, CAS-MI and the Innovation Center will be moving from two facilities, one at Eastern Michigan University and another property near the campus, to a newly purchased 11,000-square-foot facility in Ypsilanti Township. CAS-MI plans to invest millions of dollars in building renovations, new equipment and state-of-the-art technology over the next five years. To further support local business, it will hire Michigan contractors with skilled labor to expand and modify the new facility.
The company currently employs eight people, but plans to add 10 more jobs by end of 2010. By 2014, the company expects to employ more than 60 people. CAS-MI has a long history of hiring from the southeast Michigan area, including students and graduates from Eastern Michigan University. CAS-MI will continue its dedication to hiring locals by engaging employees in technical, professional and clerical roles.
For more information, visit www.innovationcas-mi.com.
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