Terumo to Expand, Gets $855,000 State Tax Credit from MI

Terumo Cardiovascular Systems plans a $3.57 million expansion of its Michigan facility and will relocate R&D and manufacturing from California, creating 65 jobs in Ann Arbor.

The Michigan Economic Development Corp. has approved a state employment tax credit valued at $855,000 over seven years.

In addition, the Township of Scio, MI anticipates approving eight-year industrial property tax abatement within the next 60 days.

MEGA awarded 20 companies throughout the state various incentives and state officials said the projects would create and/or retain 9,495 jobs and generate more than $658 million in new investment.

The TCVS project will necessitate a 14,000-square-foot expansion of its facilities in Ann Arbor, MI to accommodate the additional operations and the construction of a chemistry lab.

An economic analysis conducted by the MEDC estimates that the project would generate an additional 92 indirect jobs.

TCVS has considered locating this project at its Elkton, MD facility, which is already large enough to accommodate the additional space needs, according to its application to the state.

TCVS is a subsidiary of Terumo Corp a Tokyo, Japan-based developer, manufacturer and global marketer of a wide array of medical products with annual sales of more than $3 billion and 7,500 employees.

TCVS, with its global headquarters in Ann Arbor, MI, has 304 employees in Michigan and was established in 1999 when Terumo purchased certain business units from 3M Company.

Its products include heart/lung machines, oxygenators, cannulae, blood parameter monitors, tubing packs and vein harvesting devices.

SOURCE: mlive