The Leader - March/April 2009 - (Page 92) E CON OM I C D EVE LO PM ENT I N TH E N EW S by Megan McCann Economic Development Continues, Despite Economic Downturn Semiconductor Potentially the Largest Investment in Tennessee History Hemlock Semiconductor plans to locate a polycrystalline silicon manufacturing operation in Clarksville, Tenn. The facility, which will produce a primary component used in the manufacture of solar panels and other energy equipment, will mean an investment of $1.2 billion to $2.5 billion by the company and the creation of 500 jobs, with the potential of employing up to 900 people within five to seven years. If plans are fully implemented, the project would become the largest announced corporate capital investment in Tennessee history. When complete, the facility will have the capacity to manufacture up to 10,000 metric tons of polycrystalline silicon annually but is being designed with the capability to manufacture up to 34,000 metric tons. The plant will occupy the entire 1,215 acre (492 hectare) Commerce Park megasite and the company plans to acquire an additional 947 acres (383 hectares) adjacent to the site for additional build-out and to provide buffer space. of its New Center manufacturing plant in Detroit, where it has about 600 employees. The $22 million expansion will add nearly another 600 jobs by 2012. Last year the MEDC, in partnership with the Detroit Economic Growth Corporation, won the competition with North Carolina and South Carolina to keep the biotech firm growing in Michigan, offering an incentive package totaling $12.5 million. Caraco, majority-owned by India’s Sun Pharmaceuticals, markets and distributes Sun’s products in the United States. It had sales growth of 200 percent last year reaching $350 million. The government is hoping to bolster the slowing economy with huge investment from central government, followed by more from local governments and nongovernmental sectors. The 21st Century Business Herald reported specific plans with $4 billion to provide housing for low-income earners and $4.6 billion for public facilities, such as electricity, water and road construction in rural areas. The paper also said $2.5 billion would go to health and education sectors, $1.6 billion to environmental protection projects, $2.2 billion to economic restructuring, and the remaining $4.1 billion to unspecified big infrastructure projects. China Cashes in another US$19 billion for Stimulus Plan China’s central government has launched a new stimulus plan totaling $19 billion to boost its economy, according to an official of the National Development and Reform Commission (NDRC). The fund is the second batch of investment from the central budget following a $14.6 billion allocation in the fourth quarter of 2008. Both were included in the country’s $585 billion economic stimulus package announced in November. China’s economic growth slowed to 6.8 percent in the fourth quarter of 2008, dragging down the annual rate to a seven-year low of 9 percent, as the global financial crisis takes a toll on the national economy. Zimmer Holdings Establishes Manufacturing Plant in Shannon, Ireland Zimmer Holdings Inc, a global leader in medical devices is establishing a new orthopaedic implant manufacturing project in Shannon, Ireland. Headquartered in Indiana, the company a global market leader in knee and hip products, is to invest $75 million in the first two years, and will create 250 new high-quality jobs over the next five years. The plant will be located in the Shannon Free Zone, a 600 acre (243 hectare) International Business Park adjacent to Shannon International Airport on the West Coast of Ireland. Caraco Moves Forward with $22 Million Expansion in Detroit Generic drug maker Caraco is going ahead with the previously announced expansion 2 0 0 9 THE LEADER 92 MARCH / A P R I L
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.