In connection with the relocation, the Company has been awarded a $1.4 million Michigan Business Development Program grant, along with talent services and training support from Oakland County Michigan Works! valued at $0.7 million, and the city of Novi has offered support in the form of property tax abatement.
Stoneridge's existing sales office in Novi will be combined with the new corporate facility near the current location in Novi. The move will affect all employees – primarily in the finance and IT departments – at the Company's current headquarters in Warren, Ohio. The Company is committed to providing assistance for employees who relocate as well as for those who do not remain with the Company.
Stoneridge remains committed to the state of Ohio and will continue to be incorporated in Ohio. The Company's manufacturing facility in Lexington, Ohio, will continue to operate as a global center of its Control Devices business. The Company will also continue to operate its other North American manufacturing facilities, and the relocation of the headquarters is not expected to have an impact on those facilities.
Stoneridge currently has approximately 4,100 employees worldwide, and its extensive global footprint includes 27 locations in 12 countries.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, commercial vehicle, motorcycle, agricultural and off-highway vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
Statements in this release that are not historical fact are forward-looking statements which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release. Things that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of a major customer; a significant volume change in automotive, commercial vehicle, motorcycle, off-highway vehicle and agricultural equipment production; disruption in the OEM supply chain due to bankruptcies; a significant change in general economic conditions in any of the various countries in which the Company operates; labor disruptions at the Company's facilities or at any of the Company's significant customers or suppliers; the ability of the Company's suppliers to supply the Company with parts and components at competitive prices on a timely basis; customer acceptance of new products; and the failure to achieve successful integration of any acquired company or business. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
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SOURCE Stoneridge, Inc.