April 25th, 2011 8:43 AM by Eileen Denhard
Magna Steyr plans to spend $765,000 on an expansion of its engineering office in Troy, an investment that's expected to create 200 jobs over the next three years."The bulk of them will be over this year," says Tracy Fuerst, director of corporate communications & media relations for Magna International, Magna Steyr's parent company. "We need to bring people on as soon as possible for this project."The automotive supplier, based near Toronto, currently employs 72 people in Troy. This project will more than triple that employee base in the first year, with 158 new hires. These new jobs will focus on engineering and design of technologically advanced automotive systems, assemblies, modules and components for original equipment manufacturers of cars and light trucks.Making this deal possible is a three-year tax abatement of $1.5 million from the Michigan Economic Development Corp. The city of Troy is also including a $14,000 tax abatement. Magna International had considered competing sites in Ontario, Ohio, and Indiana.Sources: Tracy Fuerst, director of corporate communications & media relations for Magna International; Michigan Economic Development Corp.