NEWS

State oKs $4.1 million private bond sale for Warren-based Packaging Specialties expansion

Wednesday, Oct 28, 2015

Corrugated packaging manufacturer Packaging Specialties Inc. won state approval for a private bond sale to finance moving its Ecorse production facility to a larger site in Romulus.

The Michigan Strategic Fund, a division of the Michigan Economic Development Corp., today authorized a $4.1 million private bond sale for Ktab II LLC, a company that manages real estate transactions for Warren-based Packaging Specialties.

The company, which has locations in Warren and Ecorse, has outgrown its 80,000-square-foot Ecorse site and wants to move to a 175,000-square-foot location at 8111 Middlebelt Road in Romulus, the MEDC said.

The total property and building cost is estimated at $1.5 million, the state said.

The bonds will be issued through the Michigan Strategic Fund in order to be tax-exempt, according to the MEDC. Pittsburgh-based PNC Bank will buy the $4.1 million in bonds directly.

Packaging Specialties, founded in 1963, makes corrugated and fiberboard packaging products. It employs 53 and expects to hire another 50 people once the expansion project is complete, the state said.

A company official could not immediately be reached for comment.

 

crainsdetroit.com

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