Medc Tax Incentives Spur Economic Growth At Second Chance Armor
April 19, 2006
Central Lake, MI
Security product manufacturer, distributor to create 160 new jobs in Central Lake Township
Second Chance Armor, Inc., a leading manufacturer and distributor of security products and vehicle armor systems, recently announced that the Michigan Economic Development Corporation (MEDC) has agreed to provide tax incentives that allow the business to invest more than $1 million to expand and resume operations at its Central Lake production facility. The project is expected to create 160 new jobs, including 100 directly by the company.
“Reopening our Michigan production facility creates an incredible asset for Central Lake Township and our entire company,” said Glenn L. Katz, vice president and general manager of Second Chance Armor, Inc. “The professional attitude and immense productivity of our Michigan employees, combined with the incredible cooperation and support from the state and local governments, allows us to further expand our armor production and contribute even more to the community and economy.”
The MEDC approved a Single Business Tax Credit valued at more than $766,000 over nine years to win the company’s investment. In addition, Central Lake Township has proposed a 12-year tax abatement valued at $70,000 to support the project. The project is expected to generate more than $50.5 million in personal income for Michigan workers over the life of the tax credit, as well as more than $3.9 million positive impact on Michigan state revenue.
“Michigan’s business-friendly environment and highly talented workforce creates an ideal location for this type of business expansion,” said James Epolito, MEDC president and CEO. “The MEDC was excited to collaborate with the state and local governments to entice Second Chance, which is well on its way to re-establishing itself as the leading producer of body armor for our police and military personnel.”
About the Michigan Economic Development Corporation
The Michigan Economic Development Corporation (MEDC), a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC’s initiatives and programs, visit the website at www.michigan.org.
About Second Chance Armor, Inc.
Second Chance Armor, Inc., a leading manufacturer and distributor of security products and vehicle armor systems serving military, law enforcement, homeland security and commercial markets, is a wholly owned subsidiary of Armor Holdings, Inc. (NYSE: AH). Armor Holdings purchased the majority of assets of Second Chance Body Armor Inc. out of bankruptcy in July, 2005 and now operates the newly-incorporated entity. Armor Holdings is a Fortune 1000 Company and was listed on FORTUNE Magazine’s 2005 100 Fastest-Growing Companies List. Additional information can be found at www.secondchance.com.
Download the Press Release (PDF)
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