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Sunday, 28 October 2012 16:38

MiBiz Growth Report Oct. 29

Written by  MiBiz Staff
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Here is the Oct. 29, 2012 MiBiz Growth Report, which includes a roundup of news briefs of M&A and expansions in the region:

M&A

• Universal Forest Products Inc. (Nasdaq: UFPI) announced that one of its subsidiaries had acquired Snohomish, Wash.-based Nepa Pallet and Container Co. Inc, a manufacturer of pallets, containers and bins for agricultural and industrial customers. The acquisition helps Universal enter a new geographic market and expand its industrial operation, the company said in a statement. Nepa had trailing 12-month sales through September 2012 of $25 million. Universal expects the transaction to close in November.

• Kalamazoo-based medical device maker Stryker Corp. (NYSE: SYK) reported it has reached an agreement to buy privately held Tel Aviv-based Surpass Medical Ltd. for $100 million in cash and up to $35 million in milestone payments. Stryker said the acquisition of Surpass, which is developing flow diversion stent technology to treat brain aneurysms, would allow it to expand in the fast-growing neurovascular market and broaden its stroke-care offerings. The company said the transaction is expected to be neutral to Stryker’s 2012 earnings per share, excluding acquisition and integration-related costs. The deal is expected to close during the fourth quarter.

Expansion

• Marne-based DeWys Manufacturing Inc. expanded its facility by 24,000 square feet to make way for new metal fabrication equipment. The company received a more than $4 million tax abatement from Wright Township for the expansion, which is projected to create 20-30 new jobs.

• Mount Pocono, Pa.-based Monadnock Non‐Wovens LLC plans a $4.5 million investment in Coldwater that is expected to create 60 jobs by the end of next year. The company manufactures melt blown non‐woven roll goods for the filtration, industrial, health care, automotive and consumer industries

• Memphis, Tenn.-based Mueller Industries (NYSE: MLI) plans a $26.5 million investment at its Portage, Mich. location at 6700 Sprinkle Road, the company stated in a release. The expansion, which is projected to create 78 jobs, comes after a September 2011 fire destroyed an Arkansas facility. In a statement, the manufacturer of flow control and industrial products credited the workforce in Southwest Michigan and the ease of working with the local government for opting to expand there.

• Grand Rapids-based BarFly Ventures signed letters of intent to open a new brewpub in downtown Lansing and a new HopCat bar and restaurant in East Lansing, the company said in a release. HopCat East Lansing will be located on the ground floor of The Residences, 211 Ann St., in downtown East Lansing. Lansing Brewing Co. will open on the ground floor of the new Stadium District Apartments, 500 E. Michigan Ave, across from Cooley Law School Stadium, the home of the Lansing Lugnuts. Both are expected to open next summer.

Read 15065 times Last modified on Sunday, 28 October 2012 23:05

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