LANSING — The Michigan Economic Development Corp. today announced that three companies were approved for incentives by the Michigan Strategic Fund to support their expansions in the state. The state support will allow for two business expansions and a community improvement project that are expected to generate nearly $4.8 million in investments and create nearly 100 new jobs.
“Today’s MSF actions demonstrate our commitment to revitalizing Michigan’s communities and helping growing companies generate new job opportunities,” says Steve Arwood, CEO. “We’ve worked to better our state’s business climate, and these investments further demonstrate that our efforts continue to bring strong results. The decision of these companies to expand here underscores Michigan’s business-friendly environment and talented workforce.”
Bmax USA LLC is a wholly-owned subsidiary of Bmax Inc., a provider of advanced metal processing technology solutions with broad, cross-sectional applications including the energy, automotive, aerospace, and packaging industries. Bmax Inc. and Bmax USA are part of a group of companies held by the France-based technology company, I-Pulse Inc. The company plans to establish its first North American facility in Pontiac, investing more than $4.3 million and creating more than 25 jobs. As a result, the project has been awarded a $250,000. Michigan was chosen over a competing site in Ohio. The City of Pontiac has offered support to the project in the form of hiring a relocation service consultant.
Terryberry Co. LLC, based in Grand Rapids, is a fourth generation family owned business specializing in employee recognition programs, custom employee appreciation products, worker recognition awards, and retirement gifts. The company has reached capacity at its current location and plans to renovate and expand its existing facility, investing more than $2.6 million and creating more than 50 jobs. As a result of the expansion, the company has been awarded a $250,000. The funds will be used to offset the costs of training new workers. The City of Grand Rapids has offered support to the project in the form of a property tax abatement.
The city of Marshall has been awarded $381,071 in Community Development Block Grant funds for the Cronin Building project in downtown Marshall. The project will include correcting structural issues and eliminating blighted conditions on both the interior and exterior of the building, a circa-1870 historic structure. The completed project will include seven apartment units, two extended stay suites and a tavern with a patio and banquet area. The MEDC funds will be used to make structural improvements and remove lead and asbestos. The Michigan State Housing Development Authority will contribute $295,769 in funds for the residential component. The project will generate a total capital investment of more than $1.6 million and create nearly 20 jobs. The City of Marshall will contribute $150,000 for infrastructure improvements including parking and sidewalk improvements.
