Growth in the manufacturing industry is always a plus in the state of Michigan, and it's even better when it's in Northwest Michigan.
Skilled Manufacturing, a firm based in Traverse City, recently announced that it has accepted two guaranteed loans totaling nearly $7.8 million that will enable the company to hire 75 new workers.
The announcement came at a ceremony that included USDA Rural Development State Director James Turner and U.S. Senator Carl Levin, who is the chair of the Senate Armed Services Committee. He noted that the project was noteworthy because of its implications toward national security.
"Without a strong manufacturing base, we could not provide our troops with the equipment they need to defend our country," says Levin.
Skilled Manufacturing has traditionally produced drivetrain components for General Motors but in 2008 it diversified into aerospace and obtained a contract for aircraft engine parts. Since then, Skilled Manufacturing has begun producing parts for several military and civilian aircraft.
Its most recent contract will allow for the hiring of 75 new positions, but the company could easily be adding to that number already.
"We have another contract on top of the one that could take it up to another 25, so our potential is really 100 even though we know we're probably going to have 75 in total," says Skilled Manufacturing president Dodd Russell.
The two loans, which are being provided by the USDA Rural Development, are worth $4,650,000 and $3,125,000 for a total of $7,785,000. The purpose of the loans is to allow Skilled Manufacturing to restructure its debt and procure additional equipment.
Prior to diversifying into aerospace, Skilled Manufacturing had 145 employees. As a result of its growth into that sector, it is generating 75 new jobs, and 50 employees are already working at the Traverse City plant.
Writer: Sam EgglestonSource: Dodd Russell, Skilled Manufacturing
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.