Granholm Tours Tellurex, Precision Edge Surgical Products, Says Companies Highlight Job Creation Package's PotentialContact:
Liz Boyd 517-335-6397
December 15, 2005
Governor Jennifer M. Granholm today visited Traverse City's Tellurex Corporation and Precision Edge Surgical Products in Sault Ste. Marie to discuss the impact of the $2 billion job creation package she signed into law last month. Under the plan, which the Governor first called for in her State of the State Address last February, Michigan will invest nearly $1.5 billion to grow thousands of jobs in four key growth areas: life sciences, advanced manufacturing, alternative energy, and homeland security. The state's investment is expected to leverage an additional billion dollars or more in private investment.
"Michigan is a natural home for companies working in alternative energy and life sciences as these thriving companies highlight," said Granholm. "By investing billions in these high growth industries, we will build on our existing strengths, diversify our economy, and create thousands of new, good-paying jobs."
The Governor's job creation plan will capitalize on the best research and commercialization opportunities in the four key growth areas in order to create good-paying, high-tech jobs that can't be outsourced. In addition, the bills will create:
- up to $450 million through the Venture Capital Investment fund to help start-up companies succeed;
- new tax incentives to encourage investors to make and keep their investment dollars here in Michigan;
- an improved business climate with lower fees and less red tape for new businesses in Michigan;
- new incentives to encourage life sciences companies to use Michigan suppliers and services.
After touring each facility, the Governor spoke with area students about the exciting opportunities available once they complete their degrees. The Governor noted that the state is already home to more than 577 life sciences companies and 180 alternative energy firms, including the headquarters of eight of the nation's top alternative energy firms.
"Michigan was built on innovation, and this $2 billion investment will ensure that the next generation of innovation will occur right here," Granholm said. "This investment will make Michigan a hot-bed of entrepreneurialism by providing the capital to help small start-up companies and high-tech firms turn their great ideas into medical cures, clean energy, and technological advancement in manufacturing and defense."
Tellurex Corporation, headquartered in Traverse City, is a world leader in high-volume manufacturing of thermoelectric cooling and power generation modules. These products are used in laser applications and highly-specialized instrumentation and testing equipment in automobiles, among other things. Precision Edge Surgical Products, based in Sault Ste. Marie, designs and manufactures fine surgical instruments, including thousands of various-sized burs, blades, drills and other surgical cutting accessories.
The job creation package that became law last month is just one part of Granholm's 5-point economic plan. The Governor has also proposed legislation to restructure business taxes in Michigan in order to keep jobs here; fast-forward public infrastructure projects, including road projects and nursing home improvement to create thousands of jobs today; match unemployed citizens with businesses that need workers right now; and make college accessible to all.