Hot Off the Press
Michigan Financing Program Supports Stamper’s
Foray into the Solar-Energy Industry
Monday, October 12, 2009
A few months ago, the Michigan Strategic Fund board approved the allocation of $12 million to fund the Michigan Loan Participation Program (MLLP), designed to help manufacturers access tightened lines of bank credit to encourage manufacturers to diversify into new markets. News is now starting to trickle out about the companies that have successfully used the program to spark growth and development—metal stampers included.
On Wednesday October 7, Wolverine Metal Stamping received approval to receive as much as $1 million to be used as a collateral deposit on a $2.5 million bank loan to take on solar-panel work. The company says that it has earned contracts from Whirlpool and Emerson, among others, for work that had previously been performed in China and Mexico; it expects the solar-energy program to create 30 new jobs.
The MLPP will buy stakes from banks loans to auto suppliers trying to diversify into industries like aerospace, alternative energy, defense and medical instruments. To be eligible for state-funded loan stakes, suppliers must be actively seeking a commercial loan from a bank to pay for a diversification project, and fall short on the cash-flow requirements of the bank.
Participating suppliers receive a grace period during which they pay little or no interest payments for up to 36 months as suppliers as they begin their diversification projects. The bank providing its share of loan will be the “lead bank,” and hold at least half of the loan balance at any time. Interested suppliers and lenders should call (517) 373-9808 for more information.
Ross Controls Receives Updated
Pneumatic Safety Product Certification
Friday, October 09, 2009
The DM Series C pneumatic double-valve family of products from Ross Controls, Troy, MI, has received third-party certification to ISO 13849-1:2006 (Safety of Machinery, Safety-Related Parts of Control Systems), which replaces the EN 954-1 standard on November 30. 2009. DM-series valves are used to exhaust downstream air to help meet stop-time requirements in machine-guarding applications. Also, the valves will be labeled with the CE mark to comply with the new EU machinery directive that goes into effect on December 29, 2009. More at www.rosscontrols.com
Vacuum Grippers, Clamps and More
Featured on New Website
Wednesday, October 07, 2009
Schmalz Inc., Raleigh, NC, has relaunched its updated website and online shop with expanded information about its vacuum products and application descriptions. Visit www.schmalz.com
for a look at the firm’s vacuum automation components and systems for gripping, material handling and clamping. Look up prices and availability in real time, view 2D and 3D images as well as video clips, and order products and track order status from the online shop.