GLSV and Loukus Technologies infused with $10 M state investment for expansion and job creation

MEDC invests 10 million dollars in two Keweenaw Peninsula technology companies supporting the creating of 90 new jobs. Yesterday Lieutenant Governor Garlin Gilchrist arrived in Houghton to announce Great Lakes Sound and Vibration and Loukus Technologies will each receive a portion of a 10 million dollar state investment to help technology companies expand and support local economies. Great Lakes Sound and Vibration, in Franklin Township, announced a 26,000 spare-foot expansion at its air park facility to consolidate the company’s manufacturing under one roof.

And that enables our business to continue to grow in the Navy sector. There’s some better capability there as well as expanding into aerospace markets. The project is about an eight-million-dollar capital investment and is of the creation of about 40 jobs. – Steve Mattson, CEO, Great Lakes Sound and Vibration, Inc.

Loukus Technologies in Calumet specializes in advanced materials development and casting technology for the defense and energy industries. With the investment of 1.6 million dollars in capital investment, Loukus Technologies will create 48 new jobs. President of the company Andrew Loukus says investments like this by MEDC are critical for small businesses working in sectors that have a high bar of entry.

The ability to reach into these grants through MEDC, the SmartZone has different contacts. And it’s not only grants, but it’s business advice, legal help, different things that the state provides. From a small company’s perspective, you can’t afford to always be purchasing all these different things. So that resource and having it local and having the connections there is invaluable for a small company. – Andrew Loukus, President, Loukus Technologies

Loukus adds that local resources such as the business incubator, MTEC SmartZone, help connect businesses with grant programs and provide invaluable advice. Lt. Governor Gilchrist expressed excitement to see businesses take on driving roles in the local economy and the defense and energy sectors. Find more details here.