Mountain Valley Recycling LLC (MVR), a plastics recycling company headquartered in Boca Raton, Fla., has been selected by the Michigan Economic Development Corp. (MEDC) to receive funding to help build a plastics recycling facility in the state.
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| MVR's recently opened facility in Frankfort, Ky. |
The facility, to be built in Sterling Heights, Mich., is expected to cost nearly $29.5 million and will employee about 400 people. The MEDC approved a state tax credit of $5.1 million for MVR that will be spread out over seven years.
In addition to its headquarters in Florida, MVR operates a plastics recycling facility in Tennessee. The company also recently opened a new 90 million-pound-per-year recycled plastic resin manufacturing facility in Frankfort, Ky.
The tax credit being given to MVR is part of $2.1 billion in funds that the MEDC is investing in 16 companies, which MEDC expects to create more than 6,000 new jobs while retaining more than 216,000 jobs in the state.
"This historic investment means thousands of new jobs for our state and the retention of tens of thousands more," says Michigan Gov. Jennifer Granholm in a press announcement. "Our continuing efforts to bring new investment and jobs to Michigan are paying dividends."
The MEDC is a partnership between the state and local communities. The goal of the corporation is to promote economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
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