GRAND RAPIDS — Medical device manufacturer Medbio Inc. is investing $3.5 million into an expansion project in Cascade Township.
The Grand Rapids-based manufacturer of injection moldings, assemblies and packaging for medical device and biotech industries said the expansion could create up to 43 jobs.
According to a statement, the company will renovate a facility across the street from Medbio’s Cascade Township plant. Medbio plans to use the new space for assembly and packaging.
According to the Michigan Economic Development Corp., Medbio cited “rapid growth in the injection molding” business as a reason for the expansion. Furthermore, the company also plans to purchase 20 to 30 new injection-molding machines in conjunction with the move.
Medbio did not respond to comment before this story went to press.
“We believe the expansion is a testament to Cascade Charter Township’s business-friendly environment, the overall incentive package, and our long friendship with the company,” Township Supervisor Rob Beahan said in a statement. “Medbio’s investment will continue to help drive our region’s growing medical and biotech sectors.”
To support the project, the MEDC provided Medbio with a $180,000 performance-based grant via the Michigan Business Development Program.
Earlier this year, Medbio sold a majority stake to Philadelphia, Pa.-based private equity firm Graham Partners, as MiBiz previously reported.
At the time, Medbio President Chris Williams said that Graham Partners was the “right partner” to continue growth at the company.