Three Minnesota companies have been approved for grants from the Job Creation Fund for expansion projects that will create 45 jobs.
The companies are Alexandria Extrusion Co. in Alexandria, Anderson-Crane Co. in Litchfield and P&F Machining Inc. in Otsego. Altogether, the three companies will spend $12.1 million on the expansions.
To assist with the projects, the Minnesota Department of Employment and Economic Development (DEED) has approved the companies to receive grants totaling nearly $461,000 from the Job Creation Fund, contingent on meeting their hiring and investment commitments.
“Companies have invested more than $580 million on expansion projects in Minnesota since the Job Creation Fund was launched last year,” said DEED Commissioner Katie Clark Sieben. “This program has been a tremendous success, encouraging millions in economic development and the creation of more than 3,700 jobs in the state.”
The following is a breakdown of the projects that were approved in the latest round of funding:
Alexandria Extrusion Co.
The Alexandria-based aluminum extruder plans to spend $4 million to build a 38,000-square-foot addition. The company expects to create 15 jobs paying an average wage of $16.50 an hour. DEED approved the company for $170,000 from the Job Creation Fund.
Anderson-Crane Co. designs and manufactures bulk material handling equipment, including screw conveyors, screw feeders, bucket elevators, bins, drag conveyors, gates and hoppers. The company plans to build a $1.24 million manufacturing facility adjacent to an existing building in Litchfield. Anderson-Crane said it will create 13 jobs paying an average wage of $13 to $20 an hour. DEED approved the company for $120,821 from the Job Creation Fund.
P&F Machining Inc.
The company, a custom precision manufacturer for the aerospace, medical, agriculture, heavy equipment and medical trial industries, plans to move its facilities from Dayton, Minn., to Otsego. The company said it will invest $6.84 million to build a 54,000-square-foot facility in Otsego. P&F will create 17 jobs that pay an average wage of $23.76 an hour. DEED approved the company for $170,000 from the Job Creation Fund.
The Job Creation Fund, which was first proposed by Gov. Mark Dayton in 2013, is a pay-for-performance program that provides funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance.
Since the Job Creation Fund was launched in January 2014, DEED has awarded $29.2 million for 58 business expansion projects in Minnesota. Companies have committed to creating 3,737 full-time jobs and investing $580.6 million to expand.
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. We’re on Twitter at http://twitter.com/mndeed .