12/15/2010 12:32:00 AM
NEWS BRIEFS
Acument’s Ring Screw To Undertake $5.1m Operation Expansion
The Michigan Economic Growth Authority is poised to approve tax credits for three automotive suppliers, including a fastener manufacturer.
Troy, MI-based Ring Screw LLC, a subsidiary of Acument Global Technologies Inc., will expand its operations with a $5.1 million investment, Crain’s Detroit Business reports.
The project is expected to create 150 jobs over the next five years and increase state revenue by $2.6 million, according to Crain’s. MEGA is expected to approve employment tax credits for these jobs over the next five years.
Ring Screw is reportedly being courted by Fenton, Sterling Heights and Grand Blanc Township with property tax abatements.
The supplier of screws and other manufactured fasteners currently has 509 employees in Michigan.
Platinum Equity acquired Textron Fastening Systems in 2006 and renamed it Acument Global Technologies.
Acument has more than 2,600 employees at facilities in North America, South America and Europe. Web: acument.com ©2010 GlobalFastenerNews.com
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