The automotive industry faces the possibility of a sizable capital drain in the near term due to unprecedented investments into electric and autonomous vehicles before the technologies are fully cost-competitive, according to a new study by AlixPartners, a global consulting firm with offices in Southfield.
Michigan Governor Rick Snyder Thursday signed the state’s fiscal year 2019 budget into law. Senate Bill 848 was sponsored by Sen. Dave Hildenbrand and provides $39.9 billion in state funding. The bill is now Public Act 207 of 2018. Snyder did not veto any portion of the budget.
The University of Michigan in Ann Arbor Wednesday reported many local governments say there is a shortage of housing in their counties and cities, according to a new survey. About 40 percent of municipal respondents say they have too little single-family housing, and nearly half say their county has too little multifamily housing.
The Dow Chemical Co. in Midland, Ann Arbor’s University of Michigan, and Delta College in University Center Thursday announced a collaboration to develop an interdisciplinary innovation and education hub.
A chemist at East Lansing’s Michigan State University will use a $357,000 grant from the U.S. Department of Energy Office of Science’s Office of Nuclear Physics to look into new methods of gathering rare isotopes. Greg Severin, assistant professor of chemistry, will explore the isotopes, which will allow scientists to evaluate new diagnostic and therapeutic techniques.
General Motors Customer Care and Aftersales (CCA) broke ground today on an all-new $65 million ACDelco and Genuine GM Parts processing center on a vacant 141-acre lot near the intersection of Genesee and Davison roads in the city of Burton. It is the company’s largest single investment in a warehousing and logistics facility in the United States in nearly 40 years.
Lansing’s AF Group, a provider of insurance solutions, today announced its expansion into commercial auto insurance with the launch of Fundamental Underwriters, a new product aimed at providing insurance coverage for accounts with specialty risks.
Royal Oak’s Marquette Castings has launched a new line of cast iron and carbon steel skillets that are designed and produced in Michigan. Products were previously designed in Royal Oak and manufactured in China.
Cooper’s Hawk Winery and Restaurants, an establishment that combines a restaurant, winery, Napa-style tasting room, and artisanal retail market, is debuting its newest location in Clinton Township on June 25. The restaurant will be in The Mall at Partridge Creek.
Evoqua Water Technologies Corp., a provider of water treatment solutions in Pennsylvania, Wednesday announced one of its wholly-owned subsidiaries has signed a definitive agreement to acquire ProAct Services Corp., a Ludington, Mich.-based provider of on-site treatment services of contaminated water in all 50 states from the private equity firm Hammond, Kennedy, Whitney, and Co. Inc. and members of management for $132 million.
Detroit’s Huron Capital, a lower-to-middle-market private equity firm, Tuesday announced its aftermarket car accessories and restoration parts platform, Drake Automotive Group, has acquired Riverside, California-based DV8 Offroad, a designer and distributor of off-road accessories and wheels.
McLaren Automotive, a British luxury sports cars and supercars company, has announced a new retailer in Troy. McLaren Troy is the first and only retailer in the region to provide McLaren sales and service operations and the latest addition to The Suburban Collection of dealerships at the Troy Motor Mall.
P&M Corporate Finance in Southfield today announced it has combined with Denver, Colorado’s EKS&H Capital Advisors. Both companies are middle-market investment banking firms. Terms of the transaction were not disclosed.
Detroiter Wendy Hilliard was the first African-American rhythmic gymnast to compete as a member of the U.S. national team. Now her foundation is providing free and low-cost gymnastics training in Detroit.