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Sunday, 07 December 2014 23:34

MiBiz Growth Report: Dec. 8, 2014

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Dec. 8, 2014:

• M&A: Grand Rapids-based Autocam Medical Devices LLC has acquired Southeastern Technology Inc. (SET), of Murfreesboro, Tenn., according to a statement. SET is a contract manufacturer of precision-machined components, assemblies and engineered solutions with an emphasis on serving original equipment manufacturers (OEMs). For Autocam, the acquisition widens and enhances its manufacturing capabilities in the medical sector and allows the company to enter such markets as orthopedic and spine components. SET will operate under Autocam Medical as its Southeastern Technology division. All SET employees will be retained, according to a statement. Autocam Medical currently operates out of four facilities in Michigan, Massachusetts, California and South America. Terms of the all-cash deal were not disclosed. Autocam was advised on the transaction by Plante Moran. The West Michigan manufacturer said it projects 2015 revenues of approximately $100 million.

• M&A: A subsidiary of Grand Rapids-based Universal Forest Products Inc. (NASDAQ: UFPI) acquired an 80-percent stake in certain assets of Packnet Ltd. of Eagan, Minn., according to a statement. In the deal, Universal has the ability to purchase the remaining 20-percent interest in the supplier of industrial packaging and services in three years. Packnet owner and CEO Mike Nyberg will stay on with the company. The deal continues to expand Universal’s industrial capacity and its capabilities in design and manufacturing, according to a statement. Packnet had sales of almost $9 million last year.

• Expansion: Grand Rapids-based alternative energy developer Sustainable Partners LLC (Spart) has been selected to build its second biodigester, this time in Coopersville. The 1.4 megawatt anaerobic biodigester will allow Coopersville-based dairy provider Beaver Creek Farms to turn its waste into energy. The biodigester is one of four projects approved by Consumers Energy in the latest round of proposals for the Experimental Advanced Renewables Program (EARP). Spart also developed a similar biodigester in Lowell. The company is finalizing the Coopersville project’s design and capital budget, which is expected to be in the $8-9 million range, Managing Partner Greg Northrup told MiBiz. Construction is expected to begin in April.

• Expansion: Founders Brewing Co. received more state incentives to help the company expand its production facility in Grand Rapids. The Michigan Economic Development Corporation (MEDC) last month approved a $250,000 performance-based grant for the Grand Rapids-based craft brewery, according to a statement. Founders plans to invest approximately $40.4 million in the project that is expected to create 72 new jobs in its production facility as part of the expansion. The Michigan Strategic Fund also approved approximately $4.2 million in school and local tax capture through an amended Act 381 brownfield work plan submitted by the City of Grand Rapids. The tax capture will help support demolition, site preparation, infrastructure improvements and streetscaping for Founders’ expansion. The latest project will allow Founders to eventually reach 900,000 barrels of capacity.

• Expansion: Battle Creek-based TODA America Inc. plans to double its capacity and is currently expanding both its warehouse and production space by 14,000 square feet, according to a statement. Completion of the project is anticipated in the spring of 2015. The facility at 4750 Dickman Road in the Fort Custer Industrial Park produces cathode materials for use in lithium-ion batteries. The materials have applications for electric cars, wind power, computers and other uses. According to the statement, 40 percent of TODA’s business is automotive, with 60 percent comprising energy storage, telecommunications and solar panels. The expansion comes just three years after the Japanese company made its initial $70 million investment at the Battle Creek location.

• Expansion: Grand Rapids-based Die Cad Group Inc. recently announced its expansion into the city of Greenville. The new facility, located at 106 South Greenville West Drive, opened on Dec. 1 and will add needed capacity for the company to support its aggressive growth strategy, according to a statement. The company plans to work with the Central Area Michigan Works! Consortium (CAMWC), Montcalm Community College and area K-12 educators to develop talent. Die Cad is a designer and manufacturer of metal stamping line dies, transfer dies, progressive dies and blank dies for the automotive, off-highway, furniture and white goods industries.

 

Read 1989 times Last modified on Wednesday, 10 December 2014 10:36

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