Michigan Strategic Fund approved business expansions and a community development project that are expected to generate nearly $20 million in investments and add up to 364 new jobs throughout the Great Lakes State.
“The commitment of these companies to grow and create jobs here demonstrates the significance of our greatly improved business climate and infrastructure,” said Michigan Economic Development Corporation President/CEO Michael A. Finney. Today’s projects, representing a variety of industries, mean more jobs and greater economic opportunities for Michigan residents.”
The Michigan Strategic Fund approved incentives for the following projects:
Anchor Coupling, Inc., established in 1938 in the Chicago area, moved its corporate offices to Menominee in 1978 and has been a wholly owned subsidiary of Caterpillar Inc. since 1993. The company is a manufacturer of high and medium pressure hydraulic hose and coupling assemblies for large and small original equipment manufacturers including Caterpillar. The company plans to purchase a building adjacent to its existing facility in Menominee, investing more than $9 million and adding up to 120 new jobs.
Earlier today at a celebration at Anchor Coupling’s Menominee facility, Governor Rick Snyder announced that the Michigan Strategic Fund has awarded the company a $1 million Michigan Business Development Program performance-based grant. Michigan was chosen for the expansion over other sites in the U.S. and Mexico.
Duffey Petrosky & Company, founded in 1997 in Farmington Hills, is an advertising and strategic marketing agency serving client organizations in the automotive, IT, healthcare and finance sectors. The company plans to renovate its existing facility in Farmington Hills, investing up to $912,708 and creating 204 jobs. As a result, the company has been awarded a $1 million Michigan Business Development Program performance-based grant. The City of Farmington Hills is offering support to the project in the form of expanded parking space at the facility.
In addition, The Michigan Strategic Fund awarded $550,000 in Community Development Block Grant funds to the Village of Cassopolis. The funds will be used toward job training for the Postle Operating, LLC expansion project in Cassopolis. Postle Operating, a producer of extruded aluminum products for recreational vehicles, is investing nearly $10 million in the project, which will expand the company’s production capabilities and create up to 40 new full-time jobs over the next two years. The company has agreed that at least 21 of the jobs will be held by low to moderate income persons. The Village of Cassopolis will provide support to the project by waiving utility connection fees estimated at $10,395. In June 2013, Postle Operating received a $400,000 CDBG on-the-job training grant, and the company has been meeting its compliance obligations as well as the job creation milestones for that grant.
The MSF, in cooperation with Michigan Economic Development Corporation, administers the economic and community development portions of the Community Development Block Grant program. CDBG is a federal grant program utilizing funds received from the U.S. Department of Housing and Urban Development.