Hyundai American Technical Center Inc. to Expand, Receives Support from Ann Arbor SPARK, MEDC
ANN ARBOR, Mich., Jan. 10, 2012 /PRNewswire/ — Ann Arbor SPARK, a public-private partnership whose mission is to advance innovation-based economic development in the greater Ann Arbor region, worked with Hyundai to help the company secure more than $2.5 million in new business development incentives from the State of Michigan and Superior Township. The funding, which is subject to approval by the Michigan Strategic Fund, will be used by Hyundai to expand an environmental chamber for extreme temperature testing at its technical center.
Hyundai is investing over $15 million in the expansion project, which it anticipates will create 50 new high tech automotive research and development jobs over the next three years.
“Ann Arbor SPARK’s business development team proactively works with businesses in the region to meet their needs as they grow and evolve,” said Paul Krutko, Ann Arbor SPARK president and CEO. “Working with Hyundai, Ann Arbor SPARK was able to identify ways that the region and state could support the growth of the company’s North American technical center
“Superior Township was a critical partner; the Township’s willingness to provide incentives for Hyundai’s expansion is crucial support for the new project,” Krutko added. “It’s this type of collaborative economic development between Ann Arbor SPARK, the state and regional communities that makes business choose to locate and grow here.
The Hyundai American Technical Center Inc. is a key design, technology, and engineering facility for Korean-based Hyundai-Kia Motors Group. This investment continues to demonstrate that the Ann Arbor region and southeast Michigan is a global hub for automotive research and development.
About Ann Arbor SPARK
Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from start-ups to large organizations. Ann Arbor SPARK represents all communities in Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Washtenaw County, Washtenaw County etcs/Michigan Works!, the City of Ann Arbor, Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.
SOURCE Ann Arbor SPARK