Molded Materials Inc. (Plymouth, Mich., USA), a provider of innovative engineering and design solutions for components and integrated systems, announced that it has been awarded High-Tech Tax Credits by the Michigan Economic Growth Authority (MEGA). Molded Materials principal and chief technology officer Thomas Elkington made the announcement.
Created in 1995, MEGA promotes high-quality economic growth and job creation in Michigan. Since its inception, MEGA Tax Credits have generated billions in private investment and created in excess of 120,000 jobs. High-Tech MEGA Tax Credits are designed to promote the development of high-tech businesses in both traditional and emerging industries and assist in the diversification of Michigan's economy.
Molded Materials received the tax credit because of its renewed commitment to Michigan and the expansion of its operations with a high-tech engineering laboratory in Saline, Mich. The company expects to invest $2.9 million in this new facility located in the greater Ann Arbor region.
"We are excited to have been selected to participate in this innovative incentive program," said Elkington. "With the support of MEGA, the Michigan Economic Development Corporation and Ann Arbor SPARK, we can now place a stronger focus on creating new Michigan engineering manufacturing jobs and play an important part in moving our stateís high-tech workforce forward."