The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of a $340,000 Michigan Business Development Program incentive for Huntington Foam to expand its operations in Greenville, a project that will generate up to $2.56 million in new private investment and add 30 new jobs.
“Huntington Foam is an important employer in the City of Greenville and its decision to expand there is a huge win for the city and its residents,” said MEDC President and CEO Michael A. Finney. “It is thanks to the efforts of the Central Area Michigan Works! Consortium, Michigan Manufacturing Technology Center West, the Right Place and the City of Greenville that this expansion is taking place, and we’re very pleased to support that collaboration.”
Huntington Foam LLC, a custom foam shape molder for the appliance, plumbing, furniture, electronics and automotive industries, has received a $340,000 Michigan Business Development Program incentive to expand its current facility in the City of Greenville. Huntington Foam proposes to invest up to $2.56 million, creating 30 new jobs as a result of the project. Michigan was chosen over neighboring states that were courting Huntington Foam over the last six months.
“I have never seen state and local government work so diligently and quickly to make decisions and offer timely proposals than I did with the state of Michigan and City of Greenville,” Huntington Foam President Gary McLaughlin said. “We always wanted to stay in Greenville from the beginning, as our employees are the best in the industry, and if we had moved, we would have lost some of those valuable assets.”
The City of Greenville has offered support in the form of a 12 year property tax abatement to the project.
“We are excited to work with Huntington Foam and help them expand in Greenville,” said Greenville City Manager George Bosanic. “We believe this expansion will provide a great opportunity for the company to continue to grow here and contribute to employment growth in our community.”
“This project is another great example of why regional collaboration is so vital to our economic future,” said Birgit Klohs, President and CEO, The Right Place, Inc. “Several area organizations came together to achieve a single goal ensuring that Huntington Foam and its employees remain in West Michigan.”
Signed into law by Governor Rick Snyder in December, the Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The MSF will consider a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.
The Michigan Business Development Program replaces the state’s previous MEGA program that was a feature of the Michigan Business Tax that was eliminated under business tax restructuring legislation approved and signed into law by Snyder in May 2011. The Michigan Business Development Program and Michigan Community Revitalization Program are MEDC Business Attraction and Economic Gardening programs, supported by the MSF state general fund appropriation.