Friday, June 16, 2006
Apex Spring & Stamping to Expand Tallmadge Township Plant
James C. Epolito, President and CEO of the Michigan Economic Development Corporation and chair of the Michigan Strategic Fund, today announced that a $2.5 million allocation has been approved to help finance the expansion of Apex Spring & Stamping Corporation/WLN LLC in Tallmadge Charter Township, Ottawa County. The funding is being made available through the use of the Private Activity Bond Program.
The bonds, issued by the Michigan Strategic Fund, will be used to acquire and improve land and construct, furnish and equip a 29,000-square-foot addition to an existing 47,000-square-foot manufacturing facility located at 11420 and 11421 1st Avenue NW. The real estate portion of the project will be owned by WLN LLC, a Michigan limited liability company, and leased to Apex Spring & Stamping. Apex will own the machinery and equipment portion of the project and operate the manufacture of metal springs, clips, stampings and wire forms, including assemblies. Final products are sold primarily to the automotive, office furniture and appliance industries.
Private activity bonds are issued to finance projects for manufacturers and certain nonprofit corporations. The MSF acts as an intermediary between a borrowing company and lending party to lessen the cost of borrowing because the interest paid to the bond buyer is exempt from federal, state and local taxes.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information about the MEDC, please visit the Web site at www.michigan.org
Apex Spring & Stamping contact:Dennis Bhaskaran, (616) 453-5463
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