Ricardo and LM Marine Services invest in advanced manufacturing and marine industries, strengthening Michigan’s economy in Wayne and Charlevoix counties
LANSING, Mich. — Governor Gretchen Whitmer announced two Michigan business expansion projects totaling more than $31.2 million in private investment, creating at least 126 new jobs in Wayne and Charlevoix counties. The investments by Ricardo, LLC and LM Marine Services reinforce Michigan’s leadership in advanced manufacturing, engineering and marine industries while supporting economic growth in both Southeast and Northern Michigan.
The projects are supported by the Michigan Strategic Fund (MSF) through the Michigan Business Development Program and will expand manufacturing capacity, strengthen regional supply chains and create high-quality career opportunities across the state.
Project Highlights
Ricardo, LLC – Van Buren Township (Wayne County)
- Investment: $24.1 million
- New Jobs: 114
- MSF Performance-Based Grant: $855,000
- Starting Wage: $23.10 per hour, with positions paying up to $70 per hour plus benefits
- Project: New manufacturing line for high-performance gasoline-powered internal combustion engines
LM Marine Services – Charlevoix County
- Investment: $7.15 million
- New Jobs: 12
- MSF Performance-Based Grant: $150,000
- Starting Wage: $25 per hour plus benefits
- Project: Expansion of yacht sales, service and operations facility with new construction and renovations
Combined Economic Impact
- Total Private Investment: More than $31.2 million
- Total New Jobs: 126
- Counties Benefiting: Wayne and Charlevoix
- Industries: Advanced manufacturing, engineering, marine services and boating
Ricardo Expands Advanced Manufacturing in Southeast Michigan
Global engineering and manufacturing company Ricardo, LLC will establish a new manufacturing line at its Van Buren Township facility to design, develop and produce a high-performance gasoline-powered internal combustion engine for a customer.
The expansion represents a $24.1 million investment and will create 114 new jobs, helping transform an underutilized facility into a center for advanced specialty engine manufacturing.
Ricardo CEO Jason Oms O’Donnell said the expansion builds on the company’s more than 35-year presence in Southeast Michigan and reflects its confidence in the region’s engineering talent and automotive heritage.
Regional leaders said the project strengthens Detroit’s advanced manufacturing ecosystem while creating long-term career opportunities for Michigan workers.
LM Marine Services Expands in Northern Michigan
LM Marine Services, operating as Lake Michigan Yacht Sales Charlevoix, will invest $7.15 million to expand its operations through the acquisition and redevelopment of a 33,000-square-foot facility.
The project includes:
- Renovation and modernization of the existing building
- Construction of a new 35,000-square-foot addition
- Expanded yacht sales and management operations
- Additional warehouse and marine service capacity
- Enhanced office and operational space
The expansion will create 12 new jobs while supporting continued growth in Northern Michigan’s recreational boating industry.
State Leaders Highlight Business Growth
Governor Whitmer said businesses continue choosing Michigan because of the state’s growing economy, talented workforce and competitive business environment. She noted the investments position Michigan as a leader in both advanced manufacturing and marine industries while creating good-paying jobs across multiple regions.
Matt McCauley, Senior Vice President of Regional Development at the Michigan Economic Development Corporation (MEDC), said the projects demonstrate the state’s ongoing commitment to helping businesses of every size expand and succeed throughout Michigan.
Local economic development organizations, including the Detroit Regional Partnership, Northwest Michigan Works!and the Northern Lakes Economic Alliance, also supported the projects through workforce development, site selection assistance and regional collaboration.
Michigan Business Development Program Supports Growth
Both projects received assistance through the Michigan Business Development Program, which provides performance-based incentives tied to job creation and private investment.
Additional workforce development support will be provided through:
- Southeast Michigan Works!
- Northwest Michigan Works!
The investments reinforce Michigan’s strategy of supporting both global manufacturers and growing small businesses while strengthening regional economies across the state.
