Tagged: Amway

A venture capital fund backed by the DeVos family has invested $2.3 million dollars in start-up companies in the past year. The money went to 106 different ideas or projects.

The fund is called Start Garden. It was created nearly a year ago by Amway co-founder Richard DeVos’ grandson Rick DeVos, who’s also an entrepreneur (and founder of ArtPrize). He gave an update on the fund this morning.

Alticor, the parent company of Amway, announced record sales of more than $11 billion today. This is the seventh consecutive year of growth at the company, one of the world’s largest direct selling businesses.

More than three million individual distributors sell Amway products, everything from shampoos to vitamins and cosmetics. They hawk the company’s wares in more than a hundred countries.

Amway plans to spend up to $81 million to build a new facility in West Michigan.

The direct-sales company says it received a $1.6 million grant from the Michigan Economic Development Corporation for the project. The new facility will manufacture and process vitamins and supplements for Amway's Nutrilite brand.

From their press release:

This investment includes a new $81 million nutrition plant at the company's Spaulding Avenue site in Ada, Michigan, near Amway World Headquarters. The new plant is expected to create 200 jobs over the next three years.

The Michigan Economic Development Corporation (MEDC) today approved a $1.6 million Michigan Business Development Program incentive from the Michigan Strategic Fund (MSF) to support construction of this nutrition products manufacturing facility for Access Business Group LLC, an affiliate of Amway.

Amway says it employs 4,000 people in Michigan. Amway was started in 1959 by Rich DeVos and Jay Van Andel.

Amway Chairman Steve Van Andel issued a brief statement Saturday night:

"I am saddened by the loss of my loving wife Cindy Van Andel. She passed away Friday evening after a brief illness. Cindy has been my friend, confidant and partner for almost 33 years of marriage. She was a warm and caring person who could light up an entire room just by her smile. Her heart went out to all she met and she will be greatly missed."