ZEELAND, Mich., Aug. 2 /PRNewswire-FirstCall/ -- Gentex Corporation, the
Zeeland, Michigan-based manufacturer of automatic-dimming rearview mirrors and
commercial fire protection products, today officially broke ground on a new
300,000-square-foot technology center and manufacturing facility that Company
officials estimate will generate upwards of 600 new jobs over the next five
years.
The new facility will house the additional manufacturing and office space
necessary to meet increasing demand for the Company's auto-dimming mirrors and
related electronic devices. The state-of-the-art facility will have an
estimated annual production capacity of over 7 million mirrors, bringing
Gentex's total manufacturing capacity to about 20 million units annually.
"We're excited to continue our growth in West Michigan," said Gentex
Chairman & CEO Fred Bauer. "In light of the number of jobs that recently have
left West Michigan, it's both humbling and gratifying to be part of an
organization that's able to expand locally due to continued growth and
success. Our commitment to the area, and the area's commitment to Gentex, has
never been stronger."
This mutual commitment was further demonstrated by the City of Zeeland's
willingness to vacate part of Centennial Street in order to allow Gentex's
corporate headquarters to be connected to the new facility, which is being
constructed directly across the street. The Company expects the facility to
be completed in early 2006.
Gentex's decision to expand locally is due in part to The Michigan
Economic Development Corporation (MEDC), which helped Gentex officials become
familiar with, and benefit from, the tax incentives available through the
State of Michigan.
"We wanted to stay in Michigan but, from a business perspective, we had to
look at all options, including out-of-state locations, which offered lower
business costs as well as economic incentives," stated Bauer. "The State's
Michigan Economic Growth Authority Single Business Tax Credit was a major
factor in our decision to expand in Zeeland and Michigan."
The new facility will be the fourth Gentex automotive products production
plant built in Zeeland since 1989. The Company maintains sales and
engineering offices in Detroit, Japan, Korea, France, and the United Kingdom,
and in 2003, completed construction on a sales, engineering and light assembly
complex in Germany.
Gentex employment has grown from 260 employees in 1989 to over 2,100
worldwide today. In 1989, Gentex shipped 234,000 auto-dimming mirrors, while
last year's unit shipments were nearly 10.3 million.
Gentex auto-dimming mirrors have become strategic electronic modules,
often housing additional features such as headlamp control sensors, garage
door openers, compass and temperature displays -- even tiny cameras that
control your high beams. In order to remain a technological innovator, the
Company spends approximately six percent of its net sales on research and
development.
"Approximately 20 percent of Gentex employees have technical degrees or
backgrounds, and our new facility will provide space for this growing group of
professionals," stated Bauer.
Founded in 1974, Gentex Corporation (Nasdaq: GNTX) is an international
company that provides high-quality products to the worldwide automotive
industry and North American fire protection market. Based in Zeeland,
Michigan, the Company develops, manufactures and markets interior and exterior
automatic-dimming automotive rearview mirrors that utilize proprietary
electrochromic technology to dim in proportion to the amount of headlight
glare from trailing vehicle headlamps. Many of the mirrors are sold with
advanced electronic features, and more than 95 percent of the Company's
revenues are derived from the sales of auto-dimming mirrors to nearly every
major automaker in the world.
FACT SHEET
Gentex Corporation
Technology Center & Manufacturing Facility
* Size: 300,000+ square feet
* Jobs: Will create over 600 new jobs over next several
years
* Products: Interior auto-dimming mirrors
* Production Capacity: Over 7 million mirror units
* Completion Date: First quarter 2006
* Unique Features:
* Technology Center providing office, meeting and testing space for
engineering and research & development teams
* Connected to existing Centennial Street corporate headquarters
* Vacated Centennial Street in cooperation with the City of Zeeland
SOURCE Gentex Corporation
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Related links:
http://www.gentex.com
CONTACT:
Connie Hamblin or Craig Piersma of Gentex
Corporation, +1-616-772-1800
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