Contract manufacturer plans $3.5M expansion
A local contract manufacturer of medical devices is making a $3.5-million expansion in the area that will create 43 jobs.
Medbio is expanding operations at its facility in Cascade Township, at 3637 Sysco Ct., the Grand Rapids-based economic development nonprofit The Right Place said yesterday.
The company plans to renovate a 25,000-square-foot building across the street from its current operation to accommodate increased growth.
It intends to purchase 20 to 30 new injection-molding machines and needs additional space for assembly and packaging.
Medbio expects a boost in growth objectives after the Philadelphia-based private equity firm Graham Partners made a substantial investment in the company in July.
The Right Place worked to ensure Medbio continues to expand in the region instead of other states. Several other locations considered for expansion included West Virginia, Mississippi and Alabama, but the lure of staying local, along with local and state support, helped with the decision, The Right Place said.
The 29 area medical device manufacturing companies have seen 7-percent job growth between 2013 and 2017, while the national rate is 4.8 percent, according to The Right Place.
The Michigan Economic Development Corporation is awarding the project a $180,000 Michigan Business Development Program performance-based grant.
In August, Cascade Township submitted an Industrial Facilities Tax Exemption application to the Michigan Department of Treasury.
“We are grateful to The Right Place and Cascade Charter Township for helping us expand right here in the region,” said Chris Williams, president and CEO, Medbio. “We are eager to expand our footprint, add jobs and operate more effectively.”
Medbio is a certified contract medical device manufacturer, specializing in clean room injection molding, assembly and packaging and has clients based throughout the U.S., Europe and Central America.
The company employs more than 2,400 West Michigan residents with an average annual salary of $71,604.