Friday, February 03 2017
Valeo North America Inc. plans to create 290 jobs as it builds a low-speed test track and new building in Auburn Hills, and also improve its Troy headquarters, the Michigan Economic Development Corp. said Wednesday.
The nearly $5 million project has been awarded a $1 million state performance-based grant. Troy and Auburn Hills also are supporting the project in various ways including with staff time, marketing help and tax abatements, according to the MEDC.
Valeo North America is a subsidiary of Paris-based Valeo SA, an automotive technology supplier that produces clutch and transmission components, electrical components and engine-cooling, wiper, lighting and climate control systems.
The company started in Michigan in the 1980s and also has a facility in Highland Park. It participates in a joint venture with The Piston Group's Detroit Thermal Systems, with a location in Romulus.
The MEDC says Valeo chose Michigan for the development and jobs over competing sites in Ohio, Tennessee, Mississippi and Mexico. It currently has more than 1,000 employees in Michigan.
The Valeo project is among four that the Michigan Strategic Fund approved grants for. The MEDC says those companies are investing $76.8 million and creating 555 jobs in southeast Michigan. Other projects include: