Automotive supplier LG Chem Michigan Inc. once again hopes to expand its workforce on the lakeshore.
GRAND RAPIDS — While the automotive sector may be nearing the end of a strong sales cycle, West Michigan-based suppliers remain bullish on the industry.
Here is the MiBiz Growth Report for March 6, 2017:
• M&A: American Grease Stick Co. of Muskegon was acquired last year by 3 Rivers Capital, a Pittsburgh, Pa.-based private equity firm. A manufacturer of branded automotive fluid transfer lines and related products for the automotive aftermarket industry, AGS has operations in Muskegon and the U.K. The company, which was founded in 1931, sells products through a variety of aftermarket retailers, including Advanced Auto Parts, AutoZone and Pep Boys, according to a statement. 3 Rivers purchased the company for $10 million from the Rosen family, according to a report in the Pittsburgh Business Times. The deal was backed by $9.75 million in subordinated debt and an equity co-investment from PNC Mezzanine Capital. JP Morgan Chase also provided debt financing for the transaction. Metz Lewis Brodman Must O’Keefe LLC of Pittsburgh served as legal counsel to 3 Rivers Capital. The sellers worked with investment banker Stout Risius Ross Inc. of Chicago.
In another step in a series of hiring sprees, LG Chem Michigan Inc. announced today an expansion project that could yield upward of 150 new jobs at its headquarters in Holland.
Despite the possibility of easing emissions regulations and historically low gasoline prices, LG Chem Michigan Inc. remains charged about the possibilities for electrified vehicles.
Automakers have witnessed a resurgence in interest for trucks and SUVs as gasoline prices continue to hover around $2 per gallon in many areas of the country.