Two Manufacturers Receive State Incentive Grants To Assist Expansion In Ann Arbor and Spring Lake Township
Area Development Online News Desk (12/06/2013)
Two manufacturing companies, Lauren Plastics of Spring Lake Township and Mahindra GenZe of Ann Arbor, were approved for Michigan Strategic Fund business expansion incentive grants through the state’s Business Development Program.
The Michigan Economic Development Corporation said the projects are expected to generate up to $9 million in investments and add 105 new jobs in the Great Lakes State. “Michigan is the number-one state for creating new manufacturing jobs, and these new expansions underscore an economic climate that is more business-friendly than ever and a manufacturing talent pool that can compete with any place in the world,” said MEDC President and CEO Michael A. Finney.
Lauren Plastics, LLC, an Ohio-based full-service provider of standard and custom extruded and molded sealing solutions, purchased the assets of ISO Trude, Inc. located in Spring Lake Township. The firm plans to consolidate operations from Ohio with the operations in Spring Lake to continue providing customers with single and multi-material profile and tubing extrusions.
The company will invest up to $7 million and create 71 jobs related to the project, resulting in a $300,000 Michigan Business Development Program performance-based grant. In addition, Spring Lake Township offered a property tax abatement valued at $154,000.
In the second grant award, Mahindra GenZe, a wholly owned subsidiary of the Mahindra Group, a multinational conglomerate with diverse operations that span industries such as aerospace, agri-business, automotive and financial services, plans to produce a new technology vehicle in an existing manufacturing facility in Ann Arbor.
The firm will invest up to $2 million and creating 34 jobs related to utility vehicle manufacturing. As a result the project will receive a $300,000 Michigan Business Development Program performance-based grant. The City of Ann Arbor is considering a property tax abatement in support of the project. Ann Arbor SPARK provided support to the project throughout the grant application process.