LANSING – State Representative David Rutledge (D-Ypsilanti) today praised the Michigan Economic Growth Authority (MEGA) Board’s approval of a high-tech tax credit to American Broach and Machine Company (ABM) that will help the Ypsilanti-based company add a new research and development center, creating 43 new jobs in the surrounding community.
“Supporting Michigan businesses is the best way to turn around our economy and put our residents back to work,” Rutledge said. “As we work to build a better business climate in Michigan, more of our entrepreneurs will be able to thrive in the competitive high-tech global market, expand and create much-needed jobs. This is a perfect example of how economic development tools can help Michigan companies expand, create high-tech jobs and move our state forward.”
The tax credit of $572,782 over seven years is expected to support ABM’s addition of a research and development center, allowing the company to become more competitive in the global market. The company is expected to invest an estimated $25 million in the project.
ABM is an Ypsilanti-based company founded in Ann Arbor in 1919. ABM designs, constructs and delivers broaching machines, which are machine tools used in a customized automated cutting process by a wide variety of industries including auto and defense.