Caparo to cease MI operations
Just two years in, instead of securing nearly 400 jobs, the move by Caparo to permanently cease operations in Michigan will hit 270 workers. Caparo makes components like stampings and welded assemblies for automakers and suppliers. In addition to the closing plants in Novi, Caparo also has a much smaller operation in San Luis Potosi, Mexico, and while the MEDC is saying the tax credit didn't cost Michigan any money, there are still going to be workers out of jobs. Even so, Caparo will reportedly not be liable to repay the value of the credits.
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