The company recently opened a major location in Cary, NC and had considered sites in a number of other states for the project, the Michigan Economic Development Corp. says. MEDC arranged for a single business tax credit worth more than $1.9 million over the next 10 years to convince Infineon to stay in Michigan.
The city of Livonia is expected to approve a 10-year abatement of the company's new real and personal property taxes worth an estimated $136,900 to support the project.
According to state documents, the company employs 42 in Northville and plans to add 45 new jobs over the next five years. The move to a leased building in Livonia entails $4.5 million in lease costs and improvements and $330,000 for new machinery and equipment.
"Economic development incentives are a good investment in Michigan's economic future, making us one of the most business-friendly states in the nation," says MEDC president and chief executive officer Don Jakeway.
Infineon Technologies North America Corp. is the principal US subsidiary of Infineon Technologies AG. Founded in 1999, the German-based company is the world's second largest provider of semiconductors for automobile systems and has more than 32,000 employees worldwide.
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