FOR IMMEDIATE RELEASE
June 11, 2008
Contact: Megan Brown
June 11, 2008
High-tech investment result of Governor's 2007 Mission to Germany
LANSING - Governor Jennifer M. Granholm today celebrated the grand opening of the North American headquarters and technology center for KOSTAL Group, a company she visited during her 2007 investment mission to Germany. Granholm said the company joins more than 330 companies that have chosen to locate automotive research and development (R&D) centers in Michigan.
"KOSTAL's new headquarters and tech center in Troy is another significant addition to Michigan's world-class research and development strength," Granholm said. "KOSTAL joins hundreds of companies from around world that have located their R&D operations in Michigan, demonstrating once again that this is the North American center for automotive research and development."
The KOSTAL Group, a global company with 28 locations and 11,000 employees worldwide, is a leading supplier specializing in the development and manufacturing of technologically demanding electronic and electro-mechanical products such as automobile and industrial electronics, connectors, and testing technology. The expansion is estimated to create 203 new high-tech jobs and involve $13.6 million in capital investment.
"KOSTAL's decision to invest in Michigan moves us one step further in our effort to grow our economy and create jobs for our workers," Granholm said.
Granholm's pledge to "go anywhere, do anything" has resulted in more than 37 overseas-based companies announcing over $818 million in new investment and more than 9,000 jobs created and retained in Michigan.
In her 2008 State of the State address, Granholm emphasized the importance of creating opportunity in the changing world of the 21st century. Since January 2005, the governor and the Michigan Economic Development Corporation have announced the creation or retention of more than 237,000 jobs as a result of targeted assistance provided by the MEDC.
# # #