Wednesday, August 13, 2014
LANSING, Mich.– Governor Rick Snyder today hailed Anchor Coupling for its decision to invest, expand and add nearly120 jobs at its manufacturing facility in Menominee.
“Anchor Coupling is an important job creator in Menominee. The company deserves our thanks for continuing to support the community, bringing good jobs and investing in talent development right here in Menominee,” Snyder said. “Michigan leads the nation in creating manufacturing jobs, and the new jobs resulting from this expansion will keep us moving in the right direction.”
Anchor Coupling, Inc., established in 1938 in the Chicago area, moved its corporate offices to Menominee in 1978 and has been a wholly owned subsidiary of Caterpillar Inc. since 1993. The company is a manufacturer of high and medium pressure hydraulic hose and coupling assemblies for large and small original equipment manufacturers including Caterpillar. The company plans to purchase a building adjacent to its existing facility in Menominee, investing more than $9 million and adding up to 120 new jobs.
As a result of the expansion, the Michigan Strategic Fund has awarded the company a $1 million Michigan Business Development Program performance-based grant. Michigan was chosen over other sites in the Midwest and Mexico. Individuals interested in career opportunities with Anchor Coupling should visit www.caterpillar.com/careers.
The expansion is the result of consolidating operations from three facilities in Sterling and Dixon, Illinois. Consolidating production and logistics to one location will enable the company to better meet its customers’ expectations by reducing costs, driving efficiency and using existing assets.
“The hose and couplings Caterpillar manufactures, including those produced in Menominee, can be found on every Cat machine in the product line; in fact, the average Cat machine has between 70 and 100 hose assemblies,” said Bonnie Fetch, president of Anchor Coupling and general manager for Caterpillar Specialty Products Business Unit. “The work done here by our talented team members travels around the world, as 50 percent of the components made in Menominee are exported outside the U.S. We are proud that we can make an impact not only around the world, but also in our back yard as proactive members of our community. Our employees and the Caterpillar Foundation donated over $100,000 to local programs in 2013. In addition, Anchor Coupling partners with local colleges to help develop our own people, and we offer internships and scholarships to help fill our pipeline with people looking to find a meaningful career in manufacturing.”
“The expansion at Anchor Coupling will be a great economic gain for our area and the new employment opportunities are wonderful,” said Nancy Douglas, economic development director of the Menominee Business Development Corp. “Many of our young people leave to find jobs and this will mean more of them can remain and prosper locally. It’s a win for everyone.”
The Michigan Business Development Program provides grants, loans and other economic assistance to qualified businesses that make investments or create jobs in Michigan, with preference given to businesses that need additional assistance for deal-closing and for second stage gap financing.
The Michigan Strategic Fund considers a number of factors in making these awards, including: out-of-state competition, private investment in the project, business diversification opportunities, near-term job creation, wage and benefit levels of the new jobs, and net-positive return to the state. Business retention and retail projects are not eligible for consideration of these incentives.