ANN ARBOR — Ann Arbor Spark announced that Terumo Cardiovascular Systems Corp. has been awarded a 12-year property tax abatement for $4.9 million in investments for capital improvements at its Ann Arbor facility.
Ann Arbor Spark provided assistance to Terumo CVS in identifying and applying for the tax incentives.
“Terumo CVS has been a part of the Ann Arbor region’s growing economy for several years; it’s exciting to support the next step in its evolution,” said Paul Krutko, Ann Arbor Spark president and CEO. “Working with our partners in Scio Township to create an incentives package that helps support Terumo CVS’ sustained growth is exactly the collaboration needed to make economic development efforts successful.”
Terumo manufactures products for cardiac and vascular surgery to hospitals worldwide. The incentives will help support improvements that will directly support the retention of the company’s current 600-person workforce.
“We are grateful to Scio Township for granting Terumo this important tax exemption that will enable us to invest additional resources and expand our business operations in Washtenaw County,” said Mark Sutter, president and CEO of Terumo CVS. “Terumo has been part of the fabric of this community for many years, because of the strong business support and exceedingly talented workforce that lives here. Terumo is also thankful for the leadership, guidance and support that Ann Arbor SPARK provided to us during the entire process. Our organizations have a long-standing relationship and we appreciate having this valuable resource available to us.”
In addition to assisting with this current incentives package awarded by Scio Township, Ann Arbor Spark has worked closely with Terumo on previous incentives to support its growth in the region. Ann Arbor Spark has also provided the company with support for its talent and hiring needs.
More at www.AnnArborUSA.org.