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Wisconsin contract manufacturer to invest up to $51.5 million in Romulus


Wisconsin contract manufacturer to invest up to $51.5 million in Romulus
Investment supported by $2.5 million grant from state
Average weekly wage of new jobs is $825
Wisconsin-based contract manufacturer Mayville Engineering Company Inc. plans to invest $51.5 million to open a manufacturing plant in Romulus.
The company intends to sign a seven-year lease for 300,000 square feet of manufacturing and warehousing space. The Michigan Economic Development Corp. did not disclose the exact location.
But a source close to the matter confirmed to Crain s that Mayville is signing a lease at the former A123 battery cell manufacturing plant at 38100 Ecorse Road. A123, now headquarted in Novi, announced in 2017 it would close the plant and did so in 2019. ....

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Mayville Engineering: Q4 Earnings Snapshot

MAYVILLE, Wis. (AP) Mayville Engineering Company, Inc. (MEC) on Tuesday reported fourth-quarter net income of $971,000, after reporting a loss in the same period a year earlier.The Mayville, Wisconsin-based company said it had profit of 5 cents per share.The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.The company posted revenue of $95.3 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $91.5 million.For the year, the company reported that its loss widened to $7.1 million, or 36 cents per share. Revenue was reported as $357.6 million. ....

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