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Thursday, March 27, 2014
Nyloncraft of Michigan is expanding in Fayette Township with support from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today.
LANSING, Mich. – Nyloncraft of Michigan is expanding in Fayette Township with support from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today. The expansion is expected to generate $4.7 million in new private investment and add 42 new jobs.
“Nyloncraft is an important employer in Hillsdale County, and its investment means Michigan residents will get good jobs that could have gone to other states,” said MEDC President and CEO Michael A. Finney. “It is through the efforts of the Economic Development Partnership of Hillsdale County and Fayette Township that this expansion is taking place, and we are pleased to support the collaboration.”
Nyloncraft of Michigan, headquartered in Mishawaka, Indiana, specializes in injection molded technologies, offering its customers significant cost reduction on their most demanding, high-volume injection molded components. The company plans to discontinue operations at its Fort Wayne, Indiana facility and transfer manufacturing from there to its facility in Fayette Township, Hillsdale County. The company plans to invest up to $4.7 million and create 42 jobs, resulting in a $150,000 Michigan Business Development Program performance-based grant. Michigan was chosen for the majority of the transfers over other North American locations. It is anticipated that Fayette Township will offer support to the project in the form of a property tax abatement.
“The Economic Development Partnership of Hillsdale County greatly appreciates Nyloncraft’s investment in Fayette Township, and Hillsdale County,” said Economic Development Partnership of Hillsdale County Executive Director Susan M. Smith. “Nyloncraft is one of our premiere employers who we are privileged to serve along with our partners at the MEDC, South Central Michigan Works, and Fayette Township.”
Job seekers interested in employment opportunities with Nyloncraft should contact Lyndsey Miller at Elwood Staffing, 3232 W. Carleton Road, Hillsdale, MI 49242; 517.437.0440.
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF considers a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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