An auto supplier plans to add up to 127 jobs to its facility in Adrian thanks to a state economic incentive worth $1.27 million.
The Michigan Strategic Fund on Tuesday approved a $1.27-million financial package to induce Inteva Products, one of the largest employers in Lenawee County, to renovate its current facility and add up to 127 new jobs in Adrian. As part of the updates, Inteva will also invest $23.3 million in new equipment and machinery at the plant, according to the Michigan Economic Development Corp, the state's economic development arm.
The deal calls for Inteva to add 77 new jobs. But the company will not have to pay back $500,000 of the $1.27-million incentive package if they hire a total of 127 new employees, according to MEDC documents.
"To compete in today's economy, we must build strategic partnerships like this one with Inteva,” Adrian Mayor Jim Berryman said in a news release.
The company considered competing offers with financial incentives in northeast Indiana to save costs inside a smaller, updated building before agreeing to the Michigan incentive, according to the MEDC staff.
Today, Inteva has 474 people at the Adrian site and another 331 at its Michigan headquarters in Troy. As part of the agreement, the city of Adrian will host a job fair to attract prospective employees. Details about the job fair were not immediately released. More information about jobs at Inteva can be found at http://www.intevaproducts.com/careers.
Based in Troy, Inteva employs more than 15,000 in 18 countries. In addition to supplying the auto industry, the company provides highly engineered components and systems to the defense, consumer and other markets, according to the state.
“Inteva is among those essential businesses in Michigan that provide excellent products and have grown along with the state’s manufacturing and automotive industries,” Steve Arwood, CEO of Michigan Economic Development Corp., said in a statement.
This article originally appeared on freep.com