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
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, visitwww.innovationcas-mi.com.
CAS-MI Laboratories Receives $1.2 Million Tax Credit for Expansion in Michigan (5/20/09)
May 20, 2009