Hines Industries is making a six-figure investment in expanding the family owned company's Ann Arbor operations.
The automotive supplier has received a $250,000 loan from the
Michigan Economic Development Corp that it plans to use as working capital to grow its business. The 32-year-old company has hired seven people in the last year, bringing on engineers, manufacturing personnel and technicians. It plans to hire another 20 people over the next year, growth that will include new jobs in software development, engineering and marketing.
"The family has decided it wants to expand the business," says Dawn Hines, CEO of
Hines Industries. "There is a lot of opportunity out there."
Hines Industries specializes in the design and manufacture of balancing equipment with a goal of improving efficiency of manufacturing processes. It offers standard dynamic balancing machine models and specialized balanced configurations for the automotive industry. Hines received the $250,000 loan from the state because it has a new agreement with Chrysler that promises to generate $3.3 million in revenue and $1.4 million in gross profit.
"This program has allowed us to build up our talent in the company," Hines says. "We're building up our engineering department and our service department."
Source: Dawn Hines, CEO of Hines Industries
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.