No state is working harder to diversify its economy, help businesses grow, and create and retain jobs than Michigan. Despite these challenging economic times, especially in the automotive industry, there are many opportunities available in high-growth economic sectors such as alternative energy.

We are committed to helping those in the automotive industry succeed in new areas, and as part of Michigan’s aggressive strategy to diversify the economy and attract investment to Michigan, the MEDC announced a number of job-creating projects this week that will generate more than 3,900 new jobs, retain another 360 and bring more than $103 million in new investment to communities across the state.

The projects include two auto suppliers diversifying into the high-tech medical and alternative energy sectors; an expansion by a company founded by former Pfizer employees; a start-up manufacturer of small-scale wind turbines; and a brownfield redevelopment that will transform an abandoned site into a new center of economic growth and activity.

For example, WJG Enterprises is a Charlotte-based plastic-injection molding company producing low-volume service parts for the automotive industry. The company will diversify into production of new high-tech medical devices used in MRI and lab equipment through General Electric’s Healthcare Supplier Diversity program. WJG plans to invest $4 million in its facility in Charlotte, which is expected to create 251 new Michigan jobs, including 109 directly by the company.

In 2007, a group of former Pfizer employees got together to form a new company, Velesco Pharmaceutical Services, to provide analytical and drug formulation to small- and medium-sized pharmaceutical companies. The company plans to invest $1.8 million to expand in Comstock Township to manufacture clinical trial supplies and enhance operations in Plymouth Township. The project will create 109 total jobs.

Success stories such as WJG Enterprises and Velesco were exactly the projects we had in mind when the MEDC launched the new Michigan Supplier Diversification Fund this week. The multi-faceted initiative designed to help Michigan manufacturers and auto suppliers diversify into new emerging sectors such as alternative energy, homeland security/defense, medical instruments and aerospace.

Stabilizing suppliers in Michigan is paramount to our economic diversification strategy. Using these funds to loosen credit markets will allow many potential diversification projects to proceed, which will in turn bring jobs and investment to our state.

Tagged as: aerospace industry, Alternative Energy, automotive manufacturing, Economic Growth, green manufacturing, Green Technology, high tech jobs, high-tech medical industry, manufacturing diversification, wind energy, wind industry, wind turbine manufacturers

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