Altair Buys New Building For LED Subsidiary
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Troy-based Altair Engineering Inc. has expanded with the purchase of a new 136,000-square-foot commercial building on 8.9 acres at 164 Indusco Court in Troy.
After a rehabilitation, initial plans for the building include a new location for Altair’s LED lighting subsdiiary Ilumisys Inc. This will include Ilumisys’ headquarters, research and development and future manufacturing operations.
The purchase price of the building wasn’t immediately disclosed.
“The new facility will enable Altair to boost our growth in high-tech markets and remain a long-term global player firmly headquartered in the state of Michigan,” said James R. Scapa, chairman and CEO of Altair. “The city of Troy and Oakland County, which have housed our corporate headquarters for more than 23 years, offer industrial facilities that are flexible and ideal for companies like Altair to expand and grow.”
Added Troy economic development specialist Pamela Valentik: “Altair continues to reinvest in the city of Troy and we’re pleased that it is an integral part of our thriving business community.”
And Doug Smith, Oakland County deputy executive added: “Intellectual property-developing companies like Altair provide the catalyst for Michigan and our region to move forward in technology growth sectors by retaining, attracting and growing a supporting business infrastructure and workforce. Through our partnerships with leading corporations and members of the community, Oakland County is committed to remaining a great place to live and build successful businesses.”
With the backing of Altair, its majority owner, Ilumisys has made a deep and substantial investment in research and development that includes more than 50 patent applications filed to date.
Earlier this year, Ilumisys received a $4 million tax credit from the Michigan Economic Growth Authority to expand research and development of LED lighting technology and ramp up manufacturing operations in Michigan. This tax credit, combined with Ilumisys’ planned investment of $7.4 million, is expected to create hundreds of new jobs throughout the state resulting from increased economic activity.
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