Aerospace industry may save West Michigan auto suppliers, manufacturers

As the medical device and alternative energy industries grow the cost of retooling stops some West Michigan manufacturers from diversifying—but the aerospace industry might change all that. Venture capitalists have stepped up to move things faster.

According to excerpts from the story:

Manufacturers seeking to rebalance their customer mix away from automotive might find aerospace a good substitute. For some, retooling would not be necessary. For those who do need to make changes, there may be capital available. The Michigan Aerospace Manufacturers Association in Grand Rapids is working with venture capitalists and a major bank interested in aerospace manufacturing.

MAMA members aren’t guaranteed loans, but VC companies and one bank told MAMA they are interested in working with member companies, according to MAMA Vice President Craig Wolff. “They saw the value of this vertically integrated supply-chain model we are creating,” Wolff said. “They thought, because of all the due diligence we perform on behalf of aerospace manufacturers, they’d be dealing with the cream of the crop.”

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