Oakland County Attracts $171M in Foreign Investment
International deals accounted for more than 25 percent of investments made in Oakland County in 2014.
Oakland County attracted 30 deals from foreign investors in 2014, totaling $171 million in direct investment in the region and creating nearly 2,000 local jobs, officials announced today.
"More than 25 percent of our total investment for 2014 is from international investors," says Oakland County Executive L. Brooks Patterson. "They come from around the world, make significant financial commitments, and create hundreds if not thousands of jobs. This international investment is a perfect hedge for U.S. investment.
Patterson says the county's business development team will expand its global search for companies looking to locate in the county, with upcoming trips planned to Canada, China, France, Germany, Japan, and Taiwan
Likewise, Deputy County Executive Matthew Gibb will join Gov. Rick Snyder on a trade mission to China in August. The team will also be attending the 2015 SelectUSA Investment Summit, which is expected to attract representatives of more than 40 countries.
"We are focusing on companies who have expressed a desire to locate in the United States — automotive, tech, and medical device companies," says Irene Spanos, who directs the county's Department of Economic Development and Community Affairs. "Michigan is at the western end of the Eastern Time Zone, which makes it attractive to many businesses. It's our job to sell them on our many assets and Oakland County's strategic location."
Among the county's most significant international deals last year was the North American subsidiary of Shanghai Changhui Industry Development Co., H.A. Automotive Systems, which plans to establish its headquarters, manufacturing plant, and research and development facility in Troy. The project will generate a total capital investment of $28.8 million and create 368 jobs.
Mahindra USA, owned by Mumbai, India-based Mahindra & Mahindra, recently located in a newly renovated facility in Troy. It plans to invest nearly $2 million and create more than 100 new professional and engineering services-related jobs.
Inzi Controls Detroit, a subsidiary of South Korea-based Inzi Controls Co., which makes sensors and engineering plastics along with interior parts for several automakers, plans to open a $4.1 million manufacturing plant in Rochester Hills.
Hirotec America Inc, a subsidiary of Hiroshima, Japan-based Hirotec Corp., expects to expand in Auburn Hills, where it will invest up to $26 million and create 140 new jobs.
Likewise, Hirata Corp. of America, a subsidiary of Hirata Corp. in Japan will expand its Wixom operations into a larger facility in Lyon Township, investing up to $2 million and creating 39 jobs.
AdduXi Group, a French precision molder, chose Rochester Hills as the site for its first U.S. factory. The company plans to invest $5 million to $6 million and create 40 jobs in the next two years.