Governor Jennifer M. Granholm announced today that Eaton Corporation plans to invest approximately $1 million to consolidate its operations in Jackson and secure 1,262 Michigan jobs, including 364 directly at Eaton’s Aerospace Operations. Assistance offered through the Michigan Economic Development Corporation helped convince the company to invest in Michigan instead of a competing international site.
“We continue to fight for every job here in Michigan,” Granholm said. “Eaton’s decision to invest in Jackson will strengthen the community by positioning the company to remain competitive in today’s global economy.”
The MEDC approved a Single Business Tax credit valued at more than $5.5 million over seven years to win the company’s investment. The city of Jackson has approved a 15-year Renaissance Redevelopment Zone designation worth $2.4 million up to 15 years to support the project.
The MEDC's ability to support Eaton’s aerospace business and Aeroquip brand was made possible by changes in the Michigan Economic Growth Authority Act and the Michigan Renaissance Zone Act enacted by the Legislature and signed by Governor Granholm last month.
“This is a tremendous win for Jackson,” MEDC President and CEO James C. Epolito said. “We are talking about good-paying jobs that have a major impact on the Jackson area and the entire state. We appreciate Eaton’s investment in Michigan and its continued faith in our workforce.”
A University of Michigan economic analysis estimates that increased economic activity created by the project will retain an additional 898 indirect Michigan jobs in addition to the 346 retained directly by the company. The project is expected to generate more than $535 million in personal income for Michigan workers over the life of the tax credit.
The collective efforts of Governor Granholm, the MEDC and the city of Jackson created economic incentive packages that will help our Michigan aerospace operations remain competitive,” Eaton Vice President and Aerospace Operations President Bradley Morton said. “We are very appreciative of their support and hard work."
The Eaton Aeroquip project is one of five economic development projects the Governor announced today. In all, they are expected to create and retain a total of 1,790 Michigan jobs.
“The approval of the job retention MEGA this morning is the final step in a joint effort between the City of Jackson, Blackman Township and the State of Michigan to retain 360 to 380 highly skilled jobs in Jackson and to encourage Eaton Aerospace not only to remain as a major employer in the Jackson community, but also, to expand their operation in Jackson,” Jackson City Manager Bill Ross said.
Eaton Corporation’s Aerospace Operations is a global leader in the design, manufacture and marketing of high-efficiency hydraulic power generation, fluid conveyance, electromechanical control and actuation, electrical distribution and controls, and fluid monitoring and sensor products and systems for commercial and military aerospace applications.
In her 2006 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 164,000 jobs as a result of targeted assistance provided by the MEDC.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the Michigan Economic Development Corporation’s initiatives and programs, visit the Web site at www.michigan.org.
Email This Page!