PORTAGE, Mich. (WOOD) — Pfizer is the first company to accept an offer to participate in the state's Good Jobs for Michigan incentive program.
The Michigan Economic Development Corporation approved to give Pfizer the tax incentives and Michigan Business Development Program grant for its expansion in Portage.
The pharmaceutical company will build a two-story 400,000-square foot sterile processing facility at 7000 Portage Road.
Pfizer estimates the project will bring around 450 new jobs to the region with an investment of $465 million. The estimated average salary is $80,000.
Out of the company's 13 campuses across the globe, state officials say Pfizer chose Michigan in part due to the incentives.
Under the Good Jobs for Michigan program, Pfizer would receive 100 percent of the state income tax from the new jobs created for 10 years. An estimated total value of $10.5 million.