Nexteer Benefits from CARES Act, Retains 1,100 Jobs
Nexteer Automotive will retain around 1,100 jobs thanks to a federal grant.
The Michigan Strategic Fund announced a $25.5 million grant from the CARES Act, which the company is investing into its business. The project is expected to generate a total private investment of up to $51 million as well. The state also is providing a $2.2 million tax break for the project, which has not been specified.
Nexteer Automotive Vice President and Chief Operating Officer USA Jill Dralle says, “The Great Lakes Bay Region has been our home for more than 100 years, and this support will play a critical role in ensuring our long-term competitiveness and retaining high-quality jobs at our Buena Vista site by enabling us to continue developing and manufacturing innovative motion control solutions that meet our OEM customers’ needs. Nexteer would like to thank the Michigan Strategic Fund Board, Michigan Economic Development Corporation, Saginaw Future and Buena Vista Charter Township for their support of this project and for their partnership.”