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Ohio Electronics Supplier Moving Headquarters to Michigan
Stoneridge Inc., a Warren, Ohio-based supplier of electrical and electronics components, is moving its headquarters to Novi, Mich., to be closer to its automotive and commercial vehicle customers.
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Stoneridge Inc., a Warren, Ohio-based supplier of electrical and electronics components, is moving its headquarters to Novi, Mich., to be closer to its automotive and commercial vehicle customers.
Some 70 people will be relocated in the move, which is expected to be completed in the third quarter. The Michigan headquarters also will consolidate Stoneridge’s existing sales office in Novi and is expected to help the company recruit new engineers and other automotive specialists.
The 51-year-old company plans to remain incorporated in Ohio. Its manufacturing facilities in North America, including a plant in Lexington, Ohio, won’t be affected by the move, according to the supplier.
Stoneridge has been awarded a $1.4 million grant from the Michigan Economic Development Corp. and $700,000 from Oakland County to support the move. The company has agreed to invest as much as $5.2 million in Michigan.
Stoneridge had sales of $644 million in 2015, down 2% from 2014. Its largest customer is Ford, which accounted for 14% of the supplier's business last year. The company, which employs 4,100 people worldwide, produces electronic control and instrumentation systems, security alarms and sensors.
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