Jul 20 2007
Advanced Photonix, Inc has announced that it will consolidate its California and Wisconsin semiconductor micro-fabrication operations into the Ann Arbor, MI facility leased by its wholly owned subsidiary, Picometrix.
The consolidation is expected to be completed within the next 12 to 14 months, and the Company will benefit from a Single Business Tax credit valued at more than $1.1 million over ten years, which has been approved by the Michigan Economic Development Corporation (MEDC). Additional local real property tax abatements are also expected.
As part of the decision to relocate the semiconductor micro-fabrication into Ann Arbor, the Company will relocate its corporate offices to Ann Arbor, MI. The Company will continue to perform packaging and assembly operations from its California and Wisconsin facilities.
Richard (Rick) Kurtz, Chairman and CEO of API, stated, "The consolidation is an important step in our continuing efforts to improve operational efficiencies, and places our executive management team closer to one of our major core competencies. We believe that the consolidation will enhance our micro-fabrication capability with newer equipment, help leverage our semiconductor technology across our three product platforms, and create a center of excellence for design and manufacturing of semiconductor materials and devices. MEDC support and economic incentives were critical in making the decision to consolidate and we are confident that the move will benefit both our shareholders and the people of Michigan."
http://investor.advancedphotonix.com/