A manufacturer of braided hose used in the auto industry has announced it will launch in Sault Ste. Marie, bringing $2.2 million and 40 jobs with it.
The Sault Ste. Marie Economic Development Corporation and the company, AMI Hose, LLC, announced the decision to produce the Teflon-coated, braided hose in northern Michigan.
"Sault Ste. Marie was in direct competition with the state of Indiana for these new jobs," said Kristen Claus, EDC Director. "The incentives offered by the EDC and the Michigan Economic Development Corporation gave our community the advantage over Indiana for this new company."
Included in the incentives is the MEDC partnering with the Sault Ste Marie EDC to bring $1.1 million in collateral loan guarantee support, of which AMI will invest $552,000 and loan guarantees will bring another $548,000.
The company will also receive Community Development Block Grant funds of up to $250,000 for employee training as well as a 12-year exemption on personal property tax.
"The announcement is a big win for Sault Ste. Marie and the region as a whole," said Jeff Holt, Sault EDC Board Chairman. "It is good news when a new high-tech company like AMI Hose puts down roots in Sault Ste. Marie. We look forward to the company's success."
AMI Hose will share space in the former Soo Plastics building, which is currently occupied by AMI. The two companies are owned and operated independently.
"This new company has committed to hiring locally and made a conservative projection of 40 new employees," Claus said.
The EDC said in addition to the 40 new jobs there will also be 12 secondary jobs as well. They project these jobs will result in $1.6 million in annual payroll.