The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a $900,000 Michigan Business Development Program incentive to Belmont Engineered Plastics, LLC for a new facility in Plainfield Charter Township, a project that will generate up to $5.5 million in new private investment and add 62 new jobs.
“Belmont Engineered Plastics’ expansion is another example of how the resurgence of manufacturing in Michigan is helping companies grow and enlarge their footprint in Michigan,” said MEDC President and CEO Michael A. Finney. “This investment shows that Michigan’s highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading-edge companies.”
Belmont Engineered Plastics, LLC, (BEP) established in 2013, focuses on injection molded plastics products. BEP is purchasing the Belmont Facility assets from Kimberly-Clark Corporation located in Plainfield Charter Township. As part of the acquisition, Kimberly Clark Corporation and MEDC worked closely with BEP to keep jobs in Michigan. The current workforce of 50 positions will be expanded over the next three years by an additional 62 new jobs. The BEP investment plan calls for $5.5 million in capital investment in Michigan over the next three years. Growth in 2013 includes new contracts for products that are currently produced off shore.
As a result of the expansion, the company is being awarded a $900,000 Michigan Business Development Program performance-based grant. Plainfield Charter Township has offered support to the project in the form of property tax abatements.
“Belmont Engineered Plastics is creating a home where we can expand manufacturing operations in our new facility in Plainfield Charter Township,” said BEP President Stephen King. “Michigan is an exceptional state for companies like BEP because we can attract and retain employees with diverse skills and a strong work ethic. We are thrilled that the growth of our company will create jobs in the great state of Michigan.”
“This attraction project demonstrates the importance of high quality manufacturing and industrial real estate to support West Michigan’s continued economic growth,” said Birgit Klohs, President and CEO, The Right Place, Inc.
Signed into law by Governor Rick Snyder in December, 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 will consider 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.
The Michigan Business Development Program replaces the state’s previous MEGA program that was a feature of the Michigan Business Tax that was eliminated under business tax restructuring legislation approved and signed into law by Snyder in May 2011.