Flint’s manufacturing heritage attracts new investment
C3 Venture invests $9.68 million, to hire 380 employees to manufacture plastic auto parts
After a review of competing locations in Indiana and California, C3 Venture selected the city of Flint as the site of a $9.68-million private investment into manufacturing facilities to produce interior plastic automotive components along with injection molding and tooling.
(Photo: Courtesy University of Michigan Flint)
The Michigan Strategic Fund board approved on July 26 funding to support the private-investment initiative in Flint, which includes the hiring of 380 workers. MSF will provide a $5.7-million performance-based loan to C3. The loan may be converted to a grant if the company meets job-creation milestones.
“C3’s decision marks a critical point in attracting business investment into Flint, and offers a symbol that the city is open for business and the economic development tools are in place to cultivate sustained investment and job growth,” said Steve Arwood, CEO of Michigan Economic Development Corporation.
On behalf of the MSF, the MEDC administers programs and performs due diligence on grants, loans, collateral agreements and approved funds. In addition, the MEDC is the state’s chief marketing agency engaged in business attraction and retention efforts.
“C3 is excited to be, what we feel, the first of many businesses to discover the overwhelming advantages to set-up manufacturing facilities
in Flint,” said Bob Schaffer, founder/chair, C3Venture LLC.
“Flint’s long history and heritage, which is seated deeply in manufacturing, is a primary reason that C3 chose Flint,” Bob Schaffer said. “C3 is committed to clean manufacturing by Americans in America. C3’s participation in the economic resurgence of Flint includes providing employment to area residents, vocational training, and entrepreneurial opportunities.”
C3 operations will be located to 134,000 square feet of buildings on over 17 acres along James P Cole Boulevard, north of downtown and near I-475 highway interchange.
The company joins a who’s who list of auto industry businesses in Michigan, which is home to 63 of the top 100 North American auto suppliers.
Attracting investment in the state’s automotive industries is a top priority for the MEDC. Since 2009, more than 200,000 new auto-related jobs have been created, which ranks first among states, according to the Center for Automotive Research (CAR).