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Posted on Fri, Jan 8, 2010 : 1:27 p.m.

Ann Arbor-based Kaydon wins federal tax credit for wind turbine parts production

By Nathan Bomey

Ann Arbor-based manufacturer Kaydon is among 183 alternative energy companies awarded stimulus tax credits today by the White House.

Kaydon won a $1.77 million tax credit to “expand an existing manufacturing facility to produce ‘critical pitch and yaw’ bearings used in the production and assembly of wind energy turbines,” the White House announced.

The facility to be expanded is in Milwaukee, according to the White House.

President Barack Obama awarded some $2.3 billion in tax credits for alternative energy manufacturing operations.

"The Recovery Act awards I am announcing today will help close the clean energy gap that has grown between America and other nations while creating good jobs, reducing our carbon emissions and increasing our energy security," Obama said in a statement.

Saginaw Township-based solar materials maker Hemlock Semiconductor, one of the region's most promising renewable energy companies, won a $141.9 million tax credit - and several other Michigan projects received credits.

Kaydon reported $41.0 million in wind energy parts sales in the third quarter of 2009, up $19.4 million from the third quarter of 2008.

Kaydon (NYSE: KDN) has about 2,400 full-time employees and $464 million in annual revenue.

Contact AnnArbor.com’s Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter.