Cosworth, a supplier of high-performance automotive electronics and power systems, plans to invest $30 million in a Detroit suburb to supply an unnamed automaker, according to the European auto news.
Cosworth will begin production of the v-8 cylinder head at its Shelby Township, Michigan, plant, according to the Michigan economic development memorandum.
On Tuesday, the Michigan department of economic development (MEDC) offered $2.1 million in loans to Cosworth and said that if Cosworth was able to provide employment-related assurances, the loan would be converted into a grant. According to MEDC, at least 50 jobs could be created at Cosworth Shelby town. Cosworth said in a statement that the plant could create as many as 110 jobs.
The Michigan economic development memorandum also shows that Cosworth chose Michigan as its site and abandoned indiana. Cosworth's U.S. operations is located in Indianapolis, indiana.
"This decision makes Cosworth a significant step forward in the next phase of strategic growth in North America," said Hal Reisiger, CEO of Cosworth, in a statement. Using MEDC support in Michigan to create jobs and economic value to our consumers and the local economic development is good, at the same time, our business will also be able to further seize growth opportunities.