CTTAY | Quote | Chart | News | PowerRating -- Continental AG is among several auto suppliers that received approval for tax credits Tuesday from the Michigan Economic Development Corp. to keep and create jobs in the state.
The German supplier is considering consolidating its powertrain engineering workforce from four U.S. and Mexican locations to its offices in Auburn Hills. The move would retain 225 jobs in Michigan and add as many as 230 jobs in the next five years. The MEDC approved a 10-year tax credit of $10.3 million for Continental.
Other credits include:
--Magna International Inc. won tax credits of $4.5 million over seven years to open an automotive seating plant expected to create 420 jobs on the site of Chrysler's old headquarters in Highland Park.
--AVL Powertrain Engineering Inc. plans to start a hybrid and alternative-fuel development center that would create 40 jobs. The MEDC approved state tax credits of $298,559 over five years.
--Molded Materials Inc. was awarded state tax credits of $420,388 over seven years to consolidate two of its three Plymouth operations to a new space in Saline, a move that could lead to 29 new jobs.
After the announcement, Gov. Jennifer Granholm and state development officials warned that the state will soon run out of tax credits unless the Legislature raises the limit on them.
But Senate Finance Chairwoman Nancy Cassis, R-Novi, criticized the MEDC for using up allotted tax credits so soon.
The Associated Press contributed to this report.
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