Grand Rapids, Michigan (PRWEB) December 11, 2013
Today, The Right Place, Inc., in collaboration with The Michigan Economic Development Corporation (MEDC), and Vergennes Township announced the approval of a Michigan Business Development Program performance-based grant for South Carolina-based Industrial Services Group, Inc. who is expanding their Compositech manufacturing operations. The grant will allow the manufacturer of engineered composite solutions to add 50 new jobs to its existing workforce in West Michigan.
ISG plans to invest $1.63 million in building renovations, machinery and equipment at their new facility located at 683 Lincoln Lake Ave SE, Vergennes Township. The new jobs will be full-time and range widely, from managerial and technical positions to skilled and entry-level production opportunities.
“This expansion enables us to further invest in West Michigan and support our growing business,” said Al Hubbard, Director of Operations, ISG, Inc. “We want to thank The Right Place for their assistance throughout this process. They were able to bring together the resources and support we needed to make this project a reality.”
Compositech’s Michigan location provides turnkey engineered composite solutions for highly corrosive processes in power generation, pulp and paper, and chemical processing industries. The company offers fabrication, installation and maintenance services for tanks, vessels, and piping systems including abrasion resistant options for solid waste and ash systems, cooling towers, ductwork and stacks.
“ISG has multiple facilities located throughout the country, primarily in the South,” said Megan Sall, Business Development Manager, The Right Place, Inc. “Winning this expansion, reaffirms that West Michigan and Michigan continue to have a competitive manufacturing environment.”
Today, Industrial Services Group employs 7 people at another Michigan facility in Walker. Vergennes Township is currently considering local incentive support through a P.A. 198 Property Tax Abatement.
“2013 has been yet another record year of economic development success for The Right Place and West Michigan,” said Michelle Van Dyke, Regional President, Fifth Third Bank, and Board Chair, The Right Place, Inc. “With ISG’s decision to expand in West Michigan, The Right Place has completed 18 expansion projects leading to over 1,500 new jobs.”
Michigan Business Development Program
Signed into law by Governor Rick Snyder, 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 program 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.
With this latest economic development project, The Right Place, working with its local and state partners, has generated $98,262,138 in capital investment and assisted in the retention and creation of 2,583 jobs in West Michigan in 2013.
About The Right Place, Inc.
The Right Place, Inc. is a regional non-profit economic development organization founded in 1985 and supported through investments from the private and public sector. Its mission is to promote economic growth in the areas of quality employment, productivity and technology in West Michigan by developing jobs through leading business retention, expansion and attraction efforts. For more information visit: http://www.rightplace.org
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