BMT Aerospace to use state bonds to finance expansion
The area’s aerospace industry continues to grow with BMT announcing an expansion in Fraser.
As recently as two weeks ago, the aerospace industry popped up on the local radar. That was when Spanish firm Aernnova announced its intentions to open a United States base of operations in the Ann Arbor area.
Not to be outdone, an existing business, BMT Aerospace, has announced that it will expand its Fraser facility. The Michigan Strategic Fund has issued $6.5 million in tax-exempt bonds to assist in the acquisition of a 56,638-square-foot existing manufacturing plant, its renovation and the installation of new equipment and machinery. BMT will manufacture gears and gearbox assemblies.
BMT also has divisions located in Romania and Belgium. Since a 2004 restructuring, all three facilities have seen growth.
Read more about the type of bonds, Private Activity Bonds, that the state used here and more about Aernnova here.
Source: MEDC
Writer: Kelli B. Kavanaugh
THIS STORY FIRST APPEARED IN METROMODE
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