Royal Oak-based RPM Freight Systems to invest $4.9 million, create 500 jobs
Royal Oak-based RPM Freight Systems, LLC will use a $3.75 million state grant to expand the vehicle logistics company by expediting job creation.
The grant, approved Tuesday by the Michigan Strategic Fund board, a unit of the Michigan Economic Development Corp., will help create 500 jobs over the next five years.
The company’s long-term growth strategy also entails a $4.9 million capital investment, according to a Michigan Economic Development Corp. memo.
Since its birth in 2013, the company has gained traction and projects that it will help it reach $1 billion in annual revenue by 2025.
It will be able to support short-term hiring goals by leasing extra space in its Royal Oak office, but will eventually need to move into a larger building as it continues to monitor real estate, the memo says.
RPM currently has 150 employees at its headquarters located at 301 W 4th Street, and takes up approximately 15,000 square feet of office space. Aside from the funding, the city of Royal Oak expects approval of “reduced or no-cost” parking for RPM employees, the memo said.
The company caters to automotive, agriculture, plastics and resin industries, among others, providing logistics support including services related to moving freight, vehicles, bulk, and specialty or oversized loads.
Company officials could not be immediately reached for comment.
Posted By: Crain’s Detroit Business on February 26, 2019. For more information, please click here to read the source article.
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