An Ohio-based auto supplier will move its headquarters and at least 70 employees to suburban Detroit with the help of a state incentive.
Stoneridge Inc., which makes electrical and electronic vehicle components, on Tuesday received a $1.4 million performance grant from the Michigan Strategic Fund, an arm of the Michigan Economic Development Corp.
The grant is expected to support relocation of the company’s corporate office from Warren, Ohio, to Novi, Mich., where it has a sales operation. The company said the move will combine both offices in new space close to its current location and should be finished in the third quarter.