Thursday, March 27, 2014
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.
Pure Michigan is a brand representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead advocate for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
For more on the MEDC and its initiatives, visit michiganbusiness.org. For Michigan travel news, updates and information, visit michigan.org.
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