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Livonia snags Illinois company, bringing 56 high-tech jobs and $1.7M investment

An Illinois company is uprooting after 102 years and moving to Livonia, where it plans to invest $1.7 million and create 56 high-tech jobs.

Aetna Bearing Co. — a company that designs, manufactures and sells bearings to the aerospace, automotive, agriculture, mining, industrial and military sectors — is moving closer to its expanding customer base, officials said.

Aetna plans to lease a building on Enterprise Drive, in the Livonia industrial corridor northwest of Plymouth and Merriman roads. Barb Gamber, Livonia economic development coordinator, said the move is expected to occur in mid- to late September.

Aetna, purchased in 2016 by the Stratford-Cambridge Group, is moving due to a new strategic focus on expansion and sales growth with an emphasis on research and development, refined product portfolio and hiring the right talent, company officials said.

“Today, we start a new milestone as we relocate our headquarters to the state of Michigan to further support our growth and better serve our expanding customer base,” company President Kal Beidas said in an Aug. 8 statement.

Aetna’s move was boosted by a $385,000 performance-based grant from the Michigan Business Development Program. The company chose Michigan over competing sites in Illinois and South Carolina, officials said.

Gamber said Aetna didn’t receive any tax abatements from Livonia, but city staffers are helping the company to ensure a smooth transition.

Gamber said Aetna’s move comes as Livonia has witnessed an uptick in economic development. She said the city is a draw to companies because it is located between Detroit and Ann Arbor and is close to Detroit Metro Airport, multiple freeways and CSX railways. She also said Livonia has colleges, a thriving business community, good K-12 schools, an abundance of parks and comparatively low taxes.

“It’s just a combination of all that,” she said.

The Michigan Economic Development Corp. confirmed Aug. 8 that Aetna and Home Point Financial Corp. of Ann Arbor Township are creating a total of 106 jobs.

Home Point, which handles multi-national mortgage loans and servicing, has operations in most states and is rapidly expanding its Michigan operations. It is investing $4 million and creating 50 jobs and has received a $360,000, performance-based business development grant.

“These projects will lead to new business growth and good jobs for our talented workforce,” Jeff Mason, MEDC’s chief executive officer, said in a statement. “We’re pleased to work with our local partners and support these investments to further build the economy in southeast Michigan.”

Beidas, meanwhile, said Aetna is “thrilled to make Michigan our new home” and looks forward to “building our next 100 years in the automotive capital of the world.”

 

Posted By: Hometown Life on August 10, 2018.  For more information, please click here to read the source article.

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