Business Expansions, Community Improvement Projects Bring New Private Investment and Jobs to Michigan
Friday, January 18 2019
Lansing, MI — Three business expansions and two community revitalization projects that will generate a total of $17.7 million in private investment and create 173 jobs have received Michigan Strategic Fund support, the Michigan Economic Development Corporation announced.
“These projects will lead to new business growth, revitalized communities and more and better jobs for our residents. We’re pleased to work with our local partners and support these investments,” said Jeff Mason, CEO, Michigan Economic Development Corporation, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF.
“The decision by these companies to expand in Michigan means good jobs for our residents and demonstrates the strength of our state’s talented workforce,” Mason said.
Rassini Brakes, LLC was established in Flint in 2013 and currently machines brake components for the automotive industry. Rassini has reached capacity at its facility in Mt. Morris Township and as a result is turning away business. The company plans to construct a 50,000-square-foot addition at its Mt. Morris facility that will house additional manufacturing space and some warehouse/distribution space. The project is expected to generate total private investment of nearly $8.5 million and create 50 jobs, resulting in a $300,000 Michigan Business Development Program performance-based grant. Mt. Morris Township has offered a 50-percent property tax abatement in support of the project.
“What a great way to kick off 2019 with this announcement of a multimillion investment in Genesee County and the addition of 50 new jobs,” said Tim Herman, CEO of the Flint & Genesee Chamber of Commerce. “It provides further evidence that Flint and Genesee is a great place to grow a business. We have all the assets and support that growing companies need.”
For information on careers with Rassini Brakes, contact the location or submit resumes through Michigan Talent Connect.
“Mt. Morris Township fully appreciates the choice Rassini has made to continue its success and growth in our community,” said Mt. Morris Township Supervisor Larry Green. “Adding an additional 50,000 square feet and 50 new jobs to the corporation is a tremendous asset to our community.”
Stone Fox Staffing, LLC is a subsidiary of Stone Fox Ventures, a private equity investment firm that acquires, structures, manages and grows middle-market manufacturing, distribution, and services companies with industrial customers. Currently Stone Fox Ventures is made up of manufacturing, distribution, and e-commerce business units with a focus on industrial consumables. Stone Fox Ventures recently acquired Even Cut Abrasive Company in Cleveland, OH. The manufacturer produces coated and non-woven specialty abrasive products for industrial use.
Stone Fox Ventures plans to relocate a portion of the manufacturing operations to the city of Wyoming. The company plans to invest $3.76 million in the project, and Stone Fox Staffing is the entity that will create the 52 new jobs that will be added. As a result, Stone Fox Staffing has been awarded a $400,000 Michigan Business Development Program performance-based grant. The Right Place has offered staff time and resources to assist with finding candidates for the new positions.
“We believe the City of Wyoming is a great place to build a company and a community. Not only is the area full of talented individuals who will make fantastic team members, but it also provides a quality of life we believe is important to our business culture,” said Robert Shindorf, Managing Member, Stone Fox Ventures LLC, “The Right Place and their partners at the MEDC have been incredibly helpful as we’ve worked through this process, and we’re grateful for their continued support as we move forward.”
Wellmei US Inc., established in China in 1988, provides molds and parts for the automotive, home appliance, packaging, medical, and office equipment industries. The company has five factories in Asia with more than 4,800 employees worldwide. Wellmei has a sales office in Michigan and is looking to expand in North America to accommodate growing sales. The company plans to establish its first North American manufacturing operation in the city of Troy that will include space for mold production and later include plastic injection molding to serve the automotive and medical industries. The project is expected to generate a total private investment of nearly $1.9 million and create 71 jobs over five years, resulting in a $355,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in Ohio. The city of Troy has offered marketing services and talent assistance in support of the project. For information on careers with Wellmei, visit www.wellmei.com.
“We’re excited Wellmei US Inc. is expanding its footprint in Oakland County with a state-of-the-art $1.9 million manufacturing facility – its first in North America,” Oakland County Executive L. Brooks Patterson said. “I congratulate the company on its growth, which will bring an additional 71 jobs to Troy, and thank the company leadership for its commitment to Oakland County.”
The City of Grand Rapids Brownfield Redevelopment Authority received MSF approval of $142,336 in local and school tax capture to support the 111 Halo, LLC community development project that will redevelop an existing single-story former church building and construct a new two-story building adjacent to the church in the Crescent Shores neighborhood of Grand Rapids. The completed project will include nine one- and two-bedroom apartments. The project will also include public improvements including landscaping and streetscaping. The project is expected to generate a total capital investment of $2.8 million. The tax capture will be used to alleviate brownfield conditions at the site and prepare it for redevelopment.
The city of Owosso has been awarded $355,472 in CDBG funds for the Owosso Downtown Facades Project. The project includes the historic renovation of three buildings on Washington and Main Streets in the heart of downtown Owosso. Restoration work will include historic feature renovations, brick repair, new awnings, new signage and lighting, and more. The city of Owosso is contributing $19,800 toward the project, and the local business owners are contributing a total of $330,472 in private funds. The project will have a substantial impact in the appearance of the downtown and will continue the economic growth occurring Owosso.
About Michigan Economic Development Corporation (MEDC)