$100 million R&D center to be built in Michigan
The multinational chemical corporation, Dow Chemicals, has announced construction to begin for a $100 million research and development center in Midland, Michigan. The 100,000 square foot R&D facility will accommodate for approximately 200 employees and will consist of research labs and office spaces.
Dow’s new R&D center will generate approximately 100 new jobs in the fields of silicone science and organic chemistry and the facility is projected to be completed in 2019.
CEO of Dow Chemicals chose the location of Michigan, as the state is proving to be a vibrant research, development and manufacturing sector, which is showing great potential and continuously creating new opportunities.
Dow recently also celebrated the grand opening of its 184,000 square foot, six story global headquarters in Midland, which is located only 5 miles from the future R&D center. The headquarters houses approximately 470 employees and had a construction focus on sustainability, which will be replicated in the upcoming construction of Dow’s R&D center.
Dow has definitely established itself as a global company, employing 56,000 people worldwide and having reported sales of $48 billion in 2016. This signifies the importance of investing into R&D as it will allow the company to focus on innovation and remaining competitive on a global scale.
For companies that are investing in R&D, the research and development tax credit is a valuable tool. If you would like to discuss the R&D Tax credit further, please contact a Swanson Reed’s R&D tax advisors today.