A Cleveland, Ohio-based manufacturer is moving a portion of its operations to the City of Wyoming creating dozens of new jobs.
Stone Fox Ventures, a Grand Rapids-based private equity investment firm, recently acquired Even Cut Abrasive Company, a manufacturer of specialty abrasive products for industrial use based in Cleveland, Ohio.
Stone Fox Ventures has decided to relocate and expand a portion of Even Cut Abrasive’s production to the City of Wyoming. Two production lines will move there with plans for expanding several more.
The company has purchased an existing building along Roger B. Chaffee Memorial Boulevard and is investing nearly $3.8 million in expansion and equipment. The acquisition and relocation to the City of Wyoming will create 52 jobs.
Regional nonprofit economic development organization, The Right Place, assisted with the relocation. The expansion is receiving a financial incentive from the Michigan Economic Development Corporation approving a $400,000 Michigan Business Development Program performance-based grant.
Patrick Center, WGVU News.