WARREN, MI--(Marketwired - Dec 18, 2014) - The Paslin Company, a turnkey systems integrator focused on robotic automation in the automotive and heavy industries market, today announced that the Company has been awarded a $1.7 million Michigan Business Development Program performance-based grant in connection with the Company's new facility in Shelby Township, Michigan. The Company expects completion of the facility in early 2015.
The new facility in Shelby Township will be Paslin's fourth facility, expanding the Company's current presence outside the City of Warren. With the opening of this location, which follows a strategic investment in Paslin made by Tower Three Partners in February 2014, Paslin expects to create approximately 200 new jobs and will invest roughly $20 million into the plant and equipment upgrades over the next three years.
"We are thrilled to have received this grant from the Michigan Strategic Fund," commented Kirk Goins, Chief Executive Officer. "Paslin continues to expand our capacity and capabilities to support the increasing demands of our customers and business partners. The opening of our new facility in Shelby Township is an important milestone in our significant growth. With the hiring of approximately 200 full-time technical positions at the new facility, the grant will enable us to facilitate the development of a strong, highly-qualified workforce. We look forward to joining Shelby Township and tapping into Michigan's great talent pool to better serve our customers with innovative, quality solutions and services at an exceptional value."
"This grant is a testament to Paslin's bright future in the state of Michigan," said Peter Fitzsimmons, Chairman of The Board of Directors and Tower Three Managing Director. "With Tower Three's strategic partnership, an industry-proven CEO and now, a sizeable performance-based grant, Paslin is on-track to transforming from a locally-known company into a global leader in areas of engineering and manufacturing assembly. We look forward to continuing the Company's momentum as we utilize our leading technology to take advantage of the accelerating automotive manufacturing industry."
Paslin is a leading designer and supplier of automated welding and assembly systems providing unique solutions to the global automotive and heavy industries market since 1937. The Paslin team is known for utilizing innovative ideas and cost efficient means to provide customers with quality services and solutions at an exceptional value. The Company employs more than 450 people and has over 500,000 square feet of manufacturing space throughout its four facilities across Michigan.
About Tower Three Partners
Tower Three Partners is a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies. With long-term committed capital from major institutional investors and a senior management team that collectively has decades of experience, the firm targets equity investments of $50M to $150M that provide a catalyst for growth.
Alongside management, Tower Three Partners prioritizes and implements changes in operations, strategy, growth and/or capital structure to significantly improve business performance. Our professionals are experienced in operational improvement, mergers & acquisitions and financial restructurings. For more information, visit our website at towerthreepartners.com or call 203-485-5800.