CADILLAC, Mich. — A Mighigan board has signed off on tax credits for an eight-year, $63-million plan to hire 2,320 people at boat builder Four Winns, according to a report from the Grand Rapids Press.
The tax deal is worth $27.1 million over the eight years of the plan, but the credits are structured so the company only receives them if it creates jobs.
“This is a big win for Cadillac and northern Michigan,” Megan Brown, a spokeswoman for Michigan’s governor, told the paper. “This will mean thousands of jobs that otherwise would have left the state.”
Four Winns was sold to Beverly Hills, Calif.-based Platinum Equity earlier this month as part of Genmar’s Chapter 11 bankruptcy auction. Another former Genmar property, Glastron Boats, plans to move in with Four Winns in Cadillac in the next six months, according to reports.
To read the full Grand Rapids Press report, click here.