Michigan officials have awarded Four Winns a state tax credit valued at $27.1 million over eight years.
The funds are meant to encourage the company to expand in Michigan over competing sites in Minnesota and Tennessee. The city of Cadillac is considering an abatement in support of the project, state officials said in a statement.
"The manufacturer of recreational fiberglass boats has defined a project to invest up to $63 million over the next eight years, an average of $7.9 million per year, to expand in Cadillac to support increased production of Four Winns, Wellcraft and Glastron boat brands currently produced in Cadillac and Little Falls, Minn.," Michigan officials said.
"Assuming a return to peak manufacturing levels, the project has the potential to create 5,255 total jobs, including up to 2,320 directly by the company, between now and 2018," the release stated. "The MEDC estimates the increased economic activity created by the project could create an additional 2,935 indirect jobs."
Four Winns was one of 10 companies to receive such incentives. Combined, the 11 projects are expected to create 17,321 new jobs (5,749 direct and 11,572 indirect) and generate more than $804 million in new investment in the state.