Hess Industries Inc. will invest $4.5 million to expand its operations in Milton Township, along with relocating its Capitol Technologies division from Indiana. The project will create 131 jobs in Milton.
The Michigan Economic Development Corp. (MEDC) approved a Single Business Tax credit valued at more than $1.4 million over five years. Milton Township is considering a 12-year tax abatement valued at $299,000 to support the project.
“This MEGA award is a key incentive which swayed our decision to consolidate our operations in Michigan,” CEO of Hess Industries, Inc Dave Zenger. said. “We have a long history with the state with prospects for an even longer and brighter future.”
An economic analysis conducted by the MEDC estimates that increased economic activity created by the new facility will generate an additional 11 indirect Michigan jobs, in addition to the 131 created directly by the company. The project is expected to generate more than $46.3 million in personal income for Michigan workers over the life of the tax credit.
Based in Michigan and Indiana, Hess Industries operates through its three subsidiaries: Hess Engineering, Capitol Technologies and X-Cel Steel Fabricating. The group of companies provides a spectrum of metal forming, metal processing, manufacturing and factory automation solutions to the global market.
