Investments by Aetna Bearing Company and Home Point Financial, respectively, are expected to generate $5.7 million in private investment and create 106 high-tech, high-paying jobs
LANSING, Mich. – Two companies are planning expansions in Southeast Michigan with support from the Michigan Strategic Fund, the Michigan Economic Development Corporation announced today. Investments by Aetna Bearing Company and Home Point Financial, respectively, are expected to generate $5.7 million in private investment and create 106 high-tech, high-paying jobs.
“These projects will lead to new business growth and good jobs for our talented workforce,” said Jeff Mason, CEO, Michigan Economic Development Corporation, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF.
“We’re pleased to work with our local partners and support these investments to further build the economy in Southeast Michigan,” he said.
ABC Acquisition Company, LLC, dba Aetna Bearing Company, was established in 1916 in Franklin Park, IL. The company designs, manufactures, and provides bearings to the aerospace, automotive, agriculture, mining, industrial and military sectors. The company was purchased by the Stratford-Cambridge Group in 2016 with a new strategic focus on expansion and sales growth with an emphasis on research and development, refined product portfolio and hiring the right talent. Aetna plans to lease an existing facility in the city of Livonia where it will relocate its operations from Illinois. The project is expected to generate a total capital investment of $1.67 million and create 56 high-tech jobs, resulting in a $385,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites in Illinois and South Carolina.
“Aetna Bearing Company has built a rich history of innovation and unparalleled attention to quality in Chicago, IL over the past century. Today, we start a new milestone as we relocate our headquarters to the state of Michigan to further support our growth and better serve our expanding customer base,” said Aetna Bearing Company President Kal Beidas.
“We have been working closely with the MEDC and City of Livonia, both of which offered outstanding support and were instrumental in our decision to relocate to the state of Michigan,” he said “From the onset, the MEDC has demonstrated their strong desire to attract out-of-state businesses to Michigan that create new high-tech jobs. We are thrilled to make Michigan our new home while creating 56 new jobs and supporting the community. We thank the city of Livonia, the state of Michigan, and in particular, the MEDC for helping make this relocation happen and look to building our next 100 years in the automotive capital of the world.”
The city of Livonia is offering staff time in support of the project. Individuals interested in careers with Aetna should visit here: https://www.aetnabearing.com/contact-us/.
Home Point Financial Corporation, founded in 2007, is a multi-national channel mortgage loan originator and servicer. The company has operations in almost every state in the country. Home Point Financial is experiencing rapid growth and plans to expand at its operations in Ann Arbor Township, investing more than $4 million and creating 50 high-paying jobs. As a result, the company has been awarded a $360,000 Michigan Business Development Program performance-based grant. Michigan was chosen over competing sites around the country.
Ann Arbor SPARK is offering to assist with finding candidates for the new positions. For information on careers with Home Point, visit https://www.homepointfinancial.com/careers.
“We know that Home Point Financial has choices on where it can expand around the United States and are pleased that it recognizes the level of professional talent around the Ann Arbor region that can help it achieve growth,” said Ann Arbor SPARK president and CEO Paul Krutko. "The team at Ann Arbor SPARK, excited by the jobs and investment associated with this project, eagerly helped Home Point Financial work through the incentives process that made Michigan stand out from other places it was considering to locate. We look forward to continuing to work with the team as they grow their operations in Ann Arbor Township.”
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.