GREENVILLE — Milacron Holdings Corp. today detailed its plans to invest in a West Michigan manufacturing facility.
After closing a Pennsylvania plant, Milacron will consolidate its mold technology manufacturing and fabrication to subsidiary DME Co. LLC’s plant in Greenville, located northeast of Grand Rapids.
MiBiz first reported on the plans last month. The company today offered the first details on its planned investment at the Greenville facility.
The Cincinnati-based Milacron (NYSE: MCRN), a global plastic injection molding supplier, will invest about $5 million and expects to create 70 new jobs as a result of the consolidation.
“By consolidating our machining operations into one single U.S. location, we can target our investment funds, building a world-class facility in Greenville to support our growth plans,” Milacron DME President and General Manager Peter Smith said in a statement.
Milacron initially considered consolidation at either its Youngwood, Pa. site or in Greenville. The closure of the Youngwood plant was expected to result in the layoffs of 63 people.
The Michigan Economic Development Corp. is providing a $490,000 performance-based Business Development Grant to support the project, while the city of Greenville will consider a tax abatement for the company’s plant. The Right Place Inc. also assisted the company.
“This project wasn’t just an expansion of a company in Greenville, it was the retention of a company as well,” Rob Spohr, vice president for academic affairs at Montcalm Community College and current chair of the Montcalm Economic Alliance, said in a statement. “We won this project with collaboration, a solid business case, and collective determined effort, at the state and local level, to ensure Milacron stayed in Montcalm County.”
Milacron generated nearly $1.2 billion in sales for the full year in 2016 and had operating earnings of $105.6 million, or 43 cents per diluted share.