MN: TEAM Industries to Invest $7.8M to Expand Detroit Lakes Facility
13 Nov, 2014
TEAM Industries, a Bagley company that specializes in manufacturing drivetrains and other components for vehicles, is planning a $7.8 million expansion at its production facility in Detroit Lakes.
The company said it will add 16 jobs and build a 22,500-square-foot addition at the factory, which specializes in high-pressure aluminum die castings. The $7.8 million expansion includes $2.3 million on the facility, and the remaining $5.5 million will be for equipment. The jobs will pay an average salary of $14 an hour.
The Minnesota Department of Employment and Economic Development (DEED) is assisting the company with the expansion with $174,900 from the Minnesota Job Creation Fund. The company will receive the funding after completing the addition.
“TEAM Industries has been producing reliable drivetrain technology and other manufactured components for nearly half a century,” said DEED Commissioner Katie Clark Sieben. “We’re proud to call them a Minnesota company and thank them for creating jobs in Detroit Lakes.”
TEAM, which has been in business since 1967, specializes in making drivetrains, transmissions, axles and gears. The company employs more than 1,000 people in Minnesota at facilities in Audubon, Bagley, Cambridge, Detroit Lakes and Park Rapids. TEAM also has a manufacturing plant in Andrews, N.C.
The company announced in July that it had entered into a partnership with Oregon-based Brammo Inc. to create systems that enable ATVs, snowmobiles, buses, boats, motorcycles, and golf and utility vehicles to run on lithium-powered batteries.
The Job Creation Fund, which was first proposed by Governor Mark Dayton to encourage job growth in Minnesota, is a new pay-for-performance program that provides expansion support funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments.
Since the Job Creation Fund was launched in January, DEED has awarded $15.1 million to 26 companies in Minnesota. Those companies have committed to creating nearly 1,600 new full-time jobs and plan to invest more than $314.1 million to expand.
The Job Creation Fund has awarded $5.9 million to 13 companies in Greater Minnesota that expect to create 461 full-time jobs and invest $86 million.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade, and community development. For more details about the agency and our services, visit us at http://mn.gov/deed/ . Follow us on Twitter at twitter.com/mndeed .