LANSING (AP) — A Silicon Valley-based company has announced plans to open a $70 million semiconductor research-and-development center outside Detroit and create 500 high-tech, high-paying jobs over the next five years.

The Michigan Economic Development Corp. announced KLA-Tencor Corp.’s plans to expand to Ann Arbor on Tuesday. It says KLA-Tencor is receiving unspecified support from the agency’s Michigan Strategic Fund.

KLA-Tencor Chief Strategic Officer Bobby Bell says Ann Arbor and the Detroit metropolitan area have a great concentration of engineering talent and a low-cost of living compared to northern California’s Silicon Valley. He says locating in Ann Arbor also allows the company to strengthen its partnership with the University of Michigan and its proximity to the automotive industry.

The company has approximately 6,800 employees worldwide, but none currently in Michigan.

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