Stoneridge Inc. to Move Headquarters to Michigan
WARREN, Ohio — Stoneridge Inc. today announced plans to move its corporate headquarters from its building at 9400 E. Market St. to Novi, Mich. The relocation, subsidized by incentives from the state of Michigan and the city of Novi, is expected to be completed in the third quarter.
Stoneridge designs and manufactures highly engineered electrical and electronic components, modules and systems the automotive and agricultural vehicle markets. The company has 4,100 employees who work at 27 locations in 12 countries.
Stoneridge did not specify how many it employs here but did say the move to the Detroit metropolitan area will affect all employees – primarily in the finance and IT departments – at its headquarters. The company said assistance would be provided for employees who relocate to Michigan as well as for those whose employment will end.
‘“This is a logical step in the ongoing transformation of Stoneridge as we continue to seek ways to serve our global customers better and pursue opportunities for long-term growth,” Jon DeGaynor, president and CEO, said in a prepared statement.
In connection with the relocation, Stoneridge will receive a $1.4 million Michigan Business Development Program grant, $700,000 in talent services and training support from Oakland County Michigan Works!, and a property tax abatement from the city of Novi.
In announcing the headquarters relocation, Stoneridge said it “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 announced March 1 sales of $154.6 million for the quarter ended Dec. 31 and earnings per diluted share from continuing operations of 22 cents. That compares to sales of $166.8 million for the fourth quarter of 2014. .
Copyright 2020 The Business Journal, Youngstown, Ohio.