DETROIT - Investment banking experts will visit Detroit next week with more than $400 million to invest in Michigan companies, but there is a catch.
At Duggan Manufacturing in Shelby Township, the focus has been on car parts with a healthy side profit coming in from tank parts purchased by the Department of Defense.
But now, the military wants drones, planes and aerospace products, which could cost southeast Michigan 10,000 jobs.
"Our job is to implement the standards that the manufacturers need to get on the platform," said Francis Charbonneau of Aerospace Consultants International.
Gavin Brown is with the Michigan Aerospace Manufacturing Association. He said if companies like Duggan's withdraw from ground vehicles to aerospace, profits and the number of local jobs will increase.
"The challenge for companies is to understand if you are an expert in automotive, there is a growing cycle in aerospace," said Brown.
Martina Stone is with One World Business Finance, one of multiple companies willing to invest a collective $400 million in local companies making the switch.
"For aerospace, the money is there because we need it," Stone said.
Duggan Manufacturing is now 10 percent aerospace and looking to grow.
"I don't know where we would be without our employees and their families," said Rodney Westich, CEO of Duggan Manufacturing. "Aerospace has been very good to us."
Investors will meet with 50 Michigan companies on Tuesday, Oct 29 to help them access the money needed to get into aerospace. To learn more about the event, click here.
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