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MARQUETTE, MI-The Michigan Economic Development Corp. is issuing a $6-million tax-exempt bond to help finance the expansion of Pioneer Laboratories Inc. The bonds will be used to finance construction of an approximately 33,000-sf expansion and renovation of an existing manufacturing facility.

Pioneer Laboratories specializes in developing surgical instrumentation and implants for orthopedic trauma applications. The project will create an estimated 22 new jobs.

“The MEDC appreciates Pioneer Surgical Technology’s ongoing commitment to Marquette County,” says Doug Rothwell, president of MEDC.

Industrial development revenue bonds are issued to finance projects for manufacturers, solid waste/cogeneration companies, and certain nonprofit corporations. IDRB financing lessens the cost of borrowing because the interest paid to the bond buyer is exempt from federal, state and local taxes.

The MEDC is a partnership between the state and local communities.

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