ANN ARBOR, Mich., June 16 /PRNewswire/ --A Dexter-based and a Columbus, Ohio-based company are planning to expand in the Ann Arbor region with support from the Michigan Economic Development Corp. Axiobionics and Dexter Research were approved today for MEGA tax credits from the State of Michigan.
"Collaboration between state and regional economic development groups and government is helping Dexter Research expand in our region and attracted Axiobionics from a neighboring state," said Michael A. Finney, CEO of Ann Arbor SPARK. "Ann Arbor SPARK's commitment to working in concert with leadership across the state is creating opportunities for existing businesses and job seekers. Strong economies are built by expanding and attracting businesses to a region, and the Ann Arbor region will benefit from Dexter Research and Axiobionics in our community."
Dexter Research, founded in 1977, is a leading global manufacturer of infrared thin-film thermopile and silicon detectors that are used in OEM products in the automotive, gas analysis, medical, military and defense industries. The company plans to expand at its current location and renovate existing lab environments and clean rooms to support high-tech microelectromechanical systems (MEMS).
To support its expansion and renovations, Dexter Research will invest $3 million over the next five years and add 47 new employees - nearly doubling its workforce from its current 58 employees. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit valued at $313,000 over 7 years to encourage the company to expand in Michigan over competing sites in Ohio and Massachusetts.
Columbus, Ohio-based Axiobionics, formerly Bioflex, Inc., develops and markets new and innovative medical devices for pain control and neuro rehabilitation. It specializes in the design of custom-made electrical stimulation technology and orthotic and prosthetic devices.
With its relocation to Ann Arbor, Axiobionics will expand its current product offerings through continued innovation and the addition of more than 100 new technical, design, manufacturing and administrative positions over the next five years. The company will invest $2.89 million in its new Ann Arbor facility. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit valued at $1.4 million over 7 years to encourage the company to relocate to Michigan over competing sites in Ohio, Washington, North Carolina and Arizona.
ABOUT ANN ARBOR SPARK
Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from startups to large organizations. Ann Arbor SPARK represents all communities in the Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, the Herbert and Grace Dow Foundation, Washtenaw County, the City of Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborSPARK.org.
SOURCE Ann Arbor SPARK
