Loc Performance to hire 700 for growth in Lansing, Plymouth
Loc Performance Products Inc. plans to hire 700 and invest up to $96.5 million in the greater Lansing area and at its home base in Plymouth, armed with a new state grant and upcoming defense contracts.
Loc, a full-service provider of driveline, suspension and track systems for military tracked vehicles and the industrial market, will receive $7 million in performance-based funding through the state’s economic development arm.
The Michigan Strategic Fund under the Michigan Economic Development Corp. approved the incentive Tuesday.
“It is necessary for Michigan to close the financial gap that up-front construction costs will present versus the other sites which are move-in-ready,” the MEDC memo said.
The company will expand the north Lansing facility it purchased last June when it acquired Demmer Corp. The purchase added about 200 employees to its base.
The manufacturer may be looking to later buy or lease a new “state-of-the-art” facility in Ingham County, the memo said. But “terms are flexible,” MEDC communications manager Otie McKinley said in an email.
As part of its growth over the next five years, Loc plans to hire around 400-500 people in Lansing and 200-300 in Plymouth. The bulk of the $96.5 million will be spent for Lansing-area growth, McKinley said.
The investment comes as the company executes a growth strategy and expects to take on several “substantial” defense contracts, according to the memo.
Loc representatives didn’t immediately respond to messages seeking comment. The state also awarded Loc $600,000 in incentives in 2014 to create 95 jobs with a $12 million investment. Loc Performance had $154 million in revenue in 2017, up from $120 million in 2016.
Posted By: Crain’s Detroit Business on June 26, 2018. For more information, please click here to read the source article.
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