Ypsilanti, MI (PressExposure) May 19, 2009 -- Not all Michigan companies and industries are struggling during these challenging economic times. In fact, some are thriving and expanding, much to the delight of the state and local economists. Governor Jennifer M. Granholm today announced that the Michigan Economic Development Corporation is supporting CAS-MI Laboratories' new Innovation Center that will help entrepreneurs and established companies create new specialty chemical products from concept to commercialization. Based on the MEDC's recommendation, the Michigan Economic Growth Authority approved a state tax credit for CAS-MI valued at $1.2 million over 10 years.
CAS-MI Laboratories is an independent testing laboratory specializing in paints and coatings, plastics and polymers, and adhesives and sealants. Due to the company's recent growth, expansion opportunities were explored in both Michigan and Missouri, where the company headquarters is located. However, the MEGA tax credit, in addition to the support of Ypsilanti Township, encouraged the company to expand near its current location. The credit will be awarded over 10 years and is aimed to help CAS-MI invest in the state's economy. CAS-MI Laboratories will use the tax credit in its efforts to expand its analytical and product development services.
This tax credit will help fund the expansion of CAS-MI's new Innovation Center. As the first order of business, CAS-MI and the Innovation Center will be moving from two facilities, one at Eastern Michigan University and another property near the campus, to a newly purchased 11,000 square foot facility in Ypsilanti Township. CAS-MI plans to invest millions of dollars in building renovations, new equipment and state-of-the-art technology over the next five years. To further support local business, it will hire Michigan contractors with skilled labor to expand and modify the new facility.
The company currently employs eight people, but plans to add ten more jobs by end of 2010. By 2014, the company expects to employ more than 60 people. CAS-MI has a long history of hiring from the southeast Michigan area, including students and graduates from Eastern Michigan University. CAS-MI will continue its dedication to hiring locals by engaging employees in technical, professional and clerical roles.
"We're thrilled to partner with the state of Michigan on job creation and expansion of technical services," said David W. Riggs, PE, President of CAS-MI Laboratories. "We are especially excited about our Innovation Center's potential to attract more entrepreneurs to our state."
The new Innovation Center will help entrepreneurs and established companies create new specialty chemical products from concept to commercialization. Already, the Innovation Center has partnered with the award winning Idea Paint, which is a dry erase coating that can be applied to any surface just like regular wall paint. The CAS-MI Innovation Center helped formulate this start-up's high-performance dry-erase coating, coordinated supply chain management, toll production and beta testing.
CAS-MI's new location in southeast Michigan will also enable a partnership with Ann Arbor SPARK, a proven business incubator. "I am delighted to invest in this region of high-tech growth" says Shri Thanedar, Ph.D., Chairman/CEO of CAS-MI Laboratories. "The strong business development and entrepreneurial resources of the region were a deciding force in our commitment to expand in Michigan."