Expansion Plans Include Adding Approximately 390 Skilled Employees in Michigan During Coming Years
MAYVILLE, Wis.--(BUSINESS WIRE)--Mayville Engineering Company (NYSE: MEC) (the "Company" or "MEC"), a leading U.S.-based value added manufacturing partner that provides a broad range of prototyping and tooling, production fabrication, coating, assembly and aftermarket services, today announced it has finalized an agreement to open a new manufacturing facility in Hazel Park, Michigan to align production capacity with a new strategic customer relationship.
"We are pleased to have finalized our plans for a new facility that significantly expands our manufacturing capacity in Michigan," explained Bob Kamphuis, Chairman, President and Chief Executive Officer. "This facility will include state of the art technology and equipment, which will allow us to efficiently produce the highest quality components for our new customer starting early next year."
Rand Stille, Chief Operating Officer, noted, "After reviewing many alternative sites and states, we selected Hazel Park, Michigan due to the availability of a highly skilled manufacturing workforce in the area to support existing demand and potential further market growth opportunities. We are grateful for the support of both the city of Hazel Park and the State of Michigan and look forward to our future success together."
The Company signed a ten-year lease for the new facility, which includes approximately 450,000 square feet of manufacturing space. The Company plans to hire up to 390 employees and invest between $35 million to $45 million in capital in the coming year with full production planned to commence in early 2022. As part of the agreement, the Company also received a $2.5 million incentive package from the State of Michigan. In addition to the new facility, MEC maintains five other Michigan based facilities with over 300,000 square feet of manufacturing space in the cities of Byron Center, Vanderbilt and Wayland.
"We are pleased to welcome MEC to Hazel Park and believe this agreement is a great example of the type of long-term partnership we are forging with companies that are expanding U.S. based manufacturing and bringing skilled employment opportunities to Michigan," stated Mike Webb, Mayor of Hazel Park, Michigan.
About Mayville Engineering Company
MEC is a leading U.S.-based value-added manufacturing partner that provides a broad range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction, powersports, agriculture, military and other end markets. We have developed long-standing relationships with our blue-chip customers based upon a high level of experience, trust and confidence.
Our one operating segment focuses on producing metal components that are used in a broad range of heavy- and medium-duty commercial vehicles, construction, powersports, agricultural, military and other products. For more information, please visit www.mecinc.com.
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Source: Mayville Engineering Company