Advanced Photonix, Inc. has announced the completion of the company's new multi-million dollar, 5,000 square foot microfabrication facility for R&D and manufacturing of optoelectronic semiconductors.

The facility consolidates the company's microfabrication operations, including its California and Wisconsin cleanrooms, to one centralized and world-leading facility in Ann Arbor, at its wholly owned subsidiary, Picometrix.

"This microfabrication consolidation will improve efficiency, enhance technology development and reduce costs, which will bring substantial value to our company's shareholders and continue our tradition of providing state-of-the-art optoelectronic devices to our worldwide customer base," Richard Kurtz, Chairman and CEO of API, said.

This consolidation was made possible by the acquisition of Picometrix, located in Ann Arbor, Michigan, with API in 2005, and up to $1.2 million of tax incentives provided by the State of Michigan and the City of Ann Arbor. These tax incentives made it economical and competitive to consolidate in Michigan. The State provided a Single Business Tax credit, approved by the Michigan Economic Development Corporation (MEDC), valued at more than $1.1 million over ten years and the City provided a personal property tax abatement of as much as $94,000 over a five-year abatement period. According to a University of Michigan economic analysis, the project is expected to generate more than $44.2 million in personal income for Michigan workers over the life of the tax credit and create 105 direct and indirect jobs over a ten year period.

Source: BusinessWire.com