Altair Expands Troy, Mich. Operations with Purchase of 136,000-Square-Foot Annex Facility
Initial plans include moving Altair subsidiary, ilumisys’, headquarters to new facility
TROY, Mich. – September 20, 2010 –
Altair Engineering, Inc. (http://www.altair.com
), a global software and technology company with a growing presence in the energy market, today announced that it has purchased a 136,000-square-foot commercial facility on 8.9 acres of property at 164 Indusco Ct., in Troy, Mich.
Following a full rehabilitation of the facility, initial plans include locating Altair’s subsidiary ilumisys, Inc. (http://www.ilumisys.com
), developer and producer of next-generation solid-state lighting technology, into the new building. This will include ilumisys’ headquarters, research and development and future manufacturing operations.
“The new facility will enable Altair to boost our growth in high-tech markets and remain a long-term global player firmly headquartered in the state of Michigan,” said James R. Scapa, chairman and CEO of Altair. “The city of Troy and Oakland County, which have housed our corporate headquarters for more than 23 years, offer industrial facilities that are flexible and ideal for companies like Altair to expand and grow.”
“Altair continues to reinvest in the city of Troy and we’re pleased that it is an integral part of our thriving business community,” said Pamela Valentik, economic development specialist for the city of Troy.
“Intellectual property-developing companies like Altair provide the catalyst for Michigan and our region to move forward in technology growth sectors by retaining, attracting and growing a supporting business infrastructure and workforce,” said Doug Smith, Oakland county deputy executive. “Through our partnerships with leading corporations and members of the community, Oakland County is committed to remaining a great place to live and build successful businesses.”
With the backing of Altair, its majority owner, ilumisys has made a deep and substantial investment in research and development that includes more than 50 patent applications filed to date.
Earlier this year, ilumisys received a $4 million tax credit from the Michigan Economic Growth Authority (MEGA) to expand research and development of LED lighting technology and ramp-up manufacturing operations in Michigan. This tax credit, combined with ilumisys’ planned investment of $7.4 million, is expected to create hundreds of new jobs throughout the state resulting from increased economic activity.
Based in Troy, Mich., ilumisys, Inc. focuses on next-generation solid-state lighting technology. The company was formed in 2007 as a spinoff venture and wholly owned subsidiary of Altair Engineering, Inc. Products are derived from Altair’s intellectual property for the direct replacement of fluorescent light tubes with LED lamps and direct replacement of incandescent lamps. For more information, please visit www.ilumisys.com
ilumisys is a member of the Michigan Solid-State Lighting Association
, and supports the organization’s mission of ensuring that Michigan is a global leader in solid-state lighting research, development, and manufacturing.
About Altair (Nasdaq: ALTR)
Altair is a global technology company that provides software and cloud solutions in the areas of product development, high performance computing (HPC) and data analytics. Altair enables organizations across broad industry segments to compete more effectively in a connected world while creating a more sustainable future. To learn more, please visit http://www.altair.com