DBusiness Daily Update: StockX Stops 40,000 Suspected Fake Products from Entering Market in the Last Year, and More

Our roundup of the latest news from metro Detroit and Michigan businesses as well as announcements from government agencies. To share a business or nonprofit story, please send us a message.
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A mew StockX report says its platform prevented more than 40,000 suspected fake products from entering the market in the last year. // Photo by StockX

StockX Stops 40K+ Suspected Fake Sneakers from Entering Market in the Last Year

Detroit-based StockX released a new report highlighting its latest verification metrics, showing

StockX rejected more than 400,000 products — collectively valued at nearly $85 million — because they did not meet the company’s verification standards.

The third annual report of its kind, “Big Facts: The Verification Report 2024,” offers a view into StockX’s proprietary review process, the products most faked by counterfeiters, and how the company prevents substandard products from entering the market.

“In addition to being one of the marketplaces that has persistently invested in fighting the proliferation of counterfeit products, we’re among the only platforms in our space that routinely provides this level of market data to our customers,” says Scott Cutler, CEO of StockX. “We know that trust is built on transparency and consistent experiences, and we’re passionate about delivering a best-in-class offering that empowers buyers and sellers to trade what they love.”

StockX’s multifaceted verification process is core to its customer experience. Last year, StockX blocked roughly 300,000 items due to sizing inconsistencies, missing accessories, box damage, signs of previous wear, or if the company suspects the item is fake.

The No. 1 reason products are rejected during StockX’s verification process is signs of previous wear (29 percent), with suspected fake (19 percent) being the second most cited reason for failure. StockX also revealed that its experts stopped more than 100,000 suspected fake products from trading on the platform over the last year, more than 40,000 of which were sneakers.

For the full report, visit here.

Sylvan in Southfield Acquires Dearborn’s Anchor Conveyor Products

Blue Point Capital Partners and its portfolio company Sylvan in Southfield have acquired Anchor Conveyor Products in Dearborn, a prominent engineering and fabrication contractor focused on industrial conveyor systems.

As a turnkey contractor for more than 100 years to some of the nation’s largest industrial facilities, Anchor helps expand Sylvan’s in-house fabrication capabilities and supports its delivery of all-in-one, multi-trade services to its customers.

Anchor Conveyor Products is a family-owned business dedicated to its reputation as an industry leader in conveyor systems and conveyor component design. Since 1925, Anchor Conveyor Products has been a pioneer in power-free technology and design, monorails and chain on edge. Anchor has developed the standards to accelerate to the forefront in the industry as an OE conveyor manufacturer and is one of the industry’s premier sources for all component parts related to conveyor maintenance and operations.

Sylvan Group is one of North America’s leading providers of industrial pipe installation and fabrication, millwright and rigging, electrical, boiler and turbine contracting services. The Company provides full industrial project support, including design, planning, installation, maintenance and repair services to a diversified portfolio of customers. Sylvan’s broad range of end markets includes automotive, energy, government, education, consumer products, water treatment, material handling, food and pharmaceutical, among others.

IONETIX in Lansing Produces First Batch of Actinium-225

IONETIX, an isotope producer and radiopharmaceutical manufacturer in Lansing, announced the successful production of Actinium-225 (Ac-225), which is used in cancer therapy, at its isotope manufacturing facility in the state capitol.

This first-of-kind facility is dedicated exclusively to producing alpha-emitting isotopes, including Ac-225, At-211, and Pb-212, using IONETIX’s proprietary cyclotron accelerator technology. The company completed the installation and commissioning of the first cyclotron at the facility last year. A second cyclotron will be installed and commissioned in early 2025, adding both scalable supply capacity and onsite production redundancy. A second site at another U.S. location is planned for 2026.

IONETIX plans to release GMP grade Ac-225 to customers in late 2024.

University of Michigan Health-Sparrow opens Ionia Rehabilitation Center

University of Michigan Health-Sparrow continues to expand its reach in mid-Michigan with the opening of a new rehabilitation center in Ionia, east of Grand Rapids

U-M Health-Sparrow Ionia Rehabilitation Center, at 205 S. Dexter St., combines with a pain management clinic that opened at the site in April, and responds to a community need for rehabilitation services close to home. The project reflects U-M Health-Sparrow’s commitment to the region and our mission to expand access to care.

The new building allows for comprehensive rehabilitation services for pediatric care, student athletes, work injury rehabilitation, pain management, post-stroke and post-injury support, outpatient physical therapy, occupational therapy and speech therapy, all under one roof for patients of all ages.

The project was partly funded by a $1 million grant from the U.S. Department of Agriculture to improve rural health care and enhance rehabilitation services.

The location is larger than the previous rehabilitation center in Ionia (7,524 square feet compared to 1,400). The newly renovated building expands services for the region and ensures access for our community, reducing the need to travel far for services. By repurposing an existing building, the project transforms a previously vacant space into a vibrant community asset.

To learn more about rehabilitation services, visit UofMHealthSparrow.org/Rehab.

Chicago Company Acquires Connable Office in Kalamazoo

Cresset Asset Management in Chicago has acquired The Connable Office Inc. in Kalamazoo, one of the nation’s oldest multi-family offices.

With this acquisition, the combined firm will manage more than $52 billion in assets on behalf of high-net-worth and ultra-high-net-worth clients.

Originating as a single-family office in the late 1800s, Connable has served seven generations of its founding family and numerous other multi-generational client families throughout the country.

AUSA Arsenal of Democracy Chapter to Host 249th Army Birthday Ball in Detroit

The Arsenal of Democracy Chapter of the Association of the United States Army (AUSA) will host the black tie 249th Army Birthday Ball at 5 p.m. at historic Westin Book Cadillac on Washington Blvd in Detroit on June 14.

This event promises to be a night filled with patriotism, reflection, and celebration.

The evening will feature a keynote address by former U.S. Army Ranger Sgt. Keni Thomas, renowned for his heroism as a member of Task Force Ranger during the infamous “Black Hawk Down” mission in Somalia.

Guests also will be treated to live entertainment by the Bluewater Kings Band.

The 249th Army Birthday Ball is a salute to the men and women who have bravely served and continue to serve our nation. It is a time to reflect on the Army’s rich history and its pivotal role in securing and defending the freedoms we cherish as Americans. This event is an opportunity for the community to come together in honoring our heroes, past and present, who have sacrificed so much for our nation.

Comerica Bank Unveils Time Capsule from 1970s to Celebrate 175th Anniversary

Comerica Bank CEO Curt Farmer and Michigan Market President Steve Davis gathered last week with Comerica colleagues, including two of the longest-tenured employees, and community members to unveil a more than 50-year-old time capsule from the walls of the bank’s 411 Lafayette building in Detroit to celebrate its 175th anniversary.

The time capsule was sealed in 1971 when the building on Lafayette Boulevard was constructed to recognize the opening of Manufacturers Bank’s new location in Detroit’s Financial District. In 1992, Comerica Bank merged with Manufacturers Bank, founded by Henry and Edsel Ford.

The time capsule was full of historical photos, news clips about the building’s construction, and more. Other various historical artifacts were on display, including director’s minutes from 1849 and a general ledger from the 1860s. To continue the celebration, Comerica Bank presented a $17,500 check to the Detroit Historical Society to support future efforts in restoring the city’s history.

Michigan Manufacturing Technology Center to Host Lunch & Learn June 14 

The Michigan Manufacturing Technology Center (MMTC) and the Michigan Manufacturers Association (MMA) will host a lunch event from 11:30 a.m.-1:30 p.m. June 14 at the MMTC (45501 Helm St.) in Plymouth Township to discuss the state of Michigan’s manufacturing industry.

Tickets are $20 and include lunch. Registration and additional information are available at the-center.org.

“Lunch & Learn: State of Manufacturing, Trends, and Workforce Solutions” will discuss trends in the industry, best practices, effective workforce strategies and provide legislative updates from Lansing. Participants will also be able to tour MMTC’s facility, including seeing Industry 4.0 technologies in action in MMTC’s Smart Manufacturing Lab.

The event will feature three industry expert speakers including Ingrid Tighe, president of the MMTC; John Walsh, president and CEO of MMA President, and MMA Executive Director of Workforce Solutions Bill Rayl.

Lawrence Tech Event to Address Building Better Research Infrastructure at Universities 

Building a bigger, better research infrastructure at Michigan’s universities is the goal of a free conference taking place June 18-19 at Lawrence Technological University in Southfield.

The event, called BRINK — Building Research Infrastructure, Networks, and Knowledge — will feature keynote presentations and breakout sessions with experts from across the country.

BRINK makes use of novel engagement, analysis, and planning techniques developed by Matthew Cole and Jacqueline Stavros, faculty in the LTU College of Business and Information Technology.

Research administration and development professionals from more than a dozen institutions of higher education already have signed up for the event. To register, visit here.

The aims for attendees are:

  • Develop techniques of positive engagement to facilitate conversations and strategic change in research development;
  • Provide interaction with colleagues who can support attendees in building research administrative infrastructure, networks, and knowledge beyond the conference;
  • Spur more universities to participate in NSF’s GRANTED initiative for nationally transformative and scalable models for research infrastructure; and
  • Have attendees leave with a plan, strategy and capability to grow their organization’s research capacity.