Stoneridge Inc. moves headquarters to Michigan – Business Journal Daily

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WARREN, Ohio – Stoneridge inc. today announced its intention to relocate its headquarters from its building at 9400 E. Market St. in Novi, Michigan. The move, 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 high-tech electrical and electronic components, modules and systems for the automotive and agricultural vehicle markets. The company has 4,100 employees who work at 27 sites in 12 countries.

Stoneridge did not say how much he employs here, but said the move to the metro Detroit area would affect all employees – mostly in financial and IT services – at his head office. The company said assistance would be provided to employees who move to Michigan as well as those whose employment will be terminated.

“This is a logical step in Stoneridge’s ongoing transformation as we continue to seek ways to better serve our global customers and seek long-term growth opportunities,” said Jon DeGaynor, President and Chief Executive Officer, in a prepared press release.

As part of the relocation, Stoneridge will receive a Michigan Business Development Program grant of $ 1.4 million, $ 700,000 in talent services and training support from Oakland County Michigan Works !, and a deduction of land tax of the city of Novi.

In announcing the head office move, Stoneridge said he “remains committed to the state of Ohio and will continue to be incorporated into Ohio. The company’s manufacturing facility in Lexington, Ohio, will continue to operate as a global hub of its testing devices business. The company will also continue to operate its other manufacturing facilities in North America, and the head office move is not expected to impact these facilities. “

Stoneridge reported March 1 sales of $ 154.6 million for the quarter ended Dec. 31 and diluted earnings per share from continuing operations of 22 cents. This compares to sales of $ 166.8 million for the fourth quarter of 2014..

Copyright 2021 The Business Journal, Youngstown, Ohio.


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