From June 28, 2022
Governor Gretchen Whitmer joined the Michigan Economic Development Corporation (MEDC) in announcing Michigan Strategic Fund (MSF) approval of projects, including a business expansion by a global life sciences provider in Muskegon, community revitalization projects in Detroit, Battle Creek, and Sault Ste. Marie, and support that boosts Michigan’s agribusiness industry. The projects approved today represent a total capital investment of nearly $500 million.
“Today’s approvals will continue to grow Michigan’s economy by creating good-paying jobs for Michiganders while expanding on our leadership in the life sciences and agribusiness sectors,” said Governor Whitmer. “We will continue to put Michiganders first by investing in our talented manufacturing workforce, helping our communities build thriving downtowns and economies, and providing opportunities for innovative businesses to grow and thrive here in our state.”
Life sciences solutions provider establishing new operations in Muskegon, bringing 200 high-wage jobs to the area
Global Life Sciences Solutions USA is a leading provider of technologies and services that advance the development of therapeutics. The company’s customers undertake life-saving activities ranging from fundamental biological research to developing innovative vaccines, biologic drugs, and novel cell and gene therapies. The company has more than 8,000 associates across 40 countries.
Global Life Sciences plans to establish its first Michigan operations in Muskegon Charter Township, where it will manufacture resins for use in biologic medicines. Pending the acquisition of an existing site, the company will invest in property upgrades and new machinery and equipment to establish an environment capable of high-quality life sciences manufacturing, including lab and clean-room space. The project is expected to generate a total capital investment of $430 million and create an estimated 200 jobs.
The Michigan Strategic Fund today approved the following in support of the project:
- A $1.5 million Michigan Business Development Program performance-based grant
- A $1.5 million Jobs Ready Michigan grant
- A five-year, 100-percent State Essential Services Assessment exemption valued at $2.7 million.
“Global Life Sciences’ $430 million investment in Muskegon will create 200 good jobs in the region while also further boosting West Michigan as a life sciences hub,” said Governor Whitmer. “My administration is committed to growing our economy, creating jobs, and investing in Muskegon and all areas of the state. Thanks to bipartisan legislative support of critical business attraction tools like the Michigan Business Development Program, we are empowering MEDC to compete for every project and every job. We’re pleased to welcome Global Life Sciences to Michigan, and we look forward to working with the company as it continues to grow and add jobs for West Michigan residents.”
MSF approves support for food processing companies, boosting state’s agribusiness industry
The Michigan Strategic Fund board also approved an increase in collateral support for Superior Foods Company. Located in the city of Kentwood, Superior Foods is a full-service wholesale food processor and distributor serving retail grocery stores and the food service industry in the Grand Rapids region. The company is best known for its seafood and meat products, but now also offers a large variety of fresh produce. Superior Foods is committed to sourcing from local suppliers and farmers, supporting agribusiness throughout Michigan.
The company has recently expanded its capacity to meet the demand for its pre-packaged meals to serve its grocery chain customers and needs to increase its cash collateral in order to meet demand. Macatawa Bank has requested an increase of the current working capital line of credit to Superior Foods from $10 million to $13 million, resulting in MSF support of an additional $1.25 million.
Superior Foods currently has 268 employees, and with the additional capital, plans to add another 30 in the next six months and an additional 50 in the next two years.
“Superior will continue to utilize the Collateral Support Program through the MEDC to fund growth well beyond the amount we could grow through traditional borrowing formulas. Through the enhanced borrowing on our inventory assets, we have been able to fund growth opportunities that would not have been available through traditional asset-based line of credit facilities and formulas,” said Keane Blaszczyinski, Chief Financial Officer at Superior Foods. “We have been able to expand our ready-to-eat division through this program by way of a 26,000 sq. ft. building expansion in a new facility, which will allow us to triple our capacity in this growing segment of our business.”
Superior Foods’ commitment to Michigan builds on the state’s ongoing support of its robust agribusiness industry, including support for Request Foods, which announced plans in October 2021 to expand at four locations in Holland. The project is expected to generate a total capital investment of $205 million and create up to 198 jobs, supported by several incentives approved by the Michigan Strategic Fund, including a $2 million Michigan Business Development Program performance-based grant.
Original source can be found here.
