The Minnesota Department of Employment and Economic Development (DEED) announced that Nu-Tek BioSciences will open their first manufacturing facility in Austin.
The expansion is expected to create 35 high quality jobs within the next two years. DEED is assisting the expansion with a loan of up to $325,000 from the Minnesota Investment Fund (MIF) and a $175,000 award from the Job Creation Fund (JCF).
“Nu-Tek’s expansion is a testament to how attractive it is to operate a business in Minnesota,” said DEED Commissioner Steve Grove. “This shows how even in difficult economic times there is a path for business to thrive in the state.”
“We’re pleased to expand our operations in the growing pharmaceutical industry. The core of our business is manufacturing and this investment underscores our commitment to the Austin community and building long-term businesses in the state of Minnesota,” said Thomas Yezzi, CEO, Nu-Tek BioSciences. “We’re grateful to work with local and state officials to make this expansion possible.”
“We’re excited to work with Nu-Tek to expand their company that has a quality and proven ownership team to grow Austin further into the food and pharma category,” said Austin Mayor Steve King. “This important growth in our tax base and quality job creation, is just what we need to spark development in our business park. We look forward to a long enduring presence of this operation as it fits uniquely in our existing and growth areas we’ve been looking for.”
Nu-Tek BioSciences, LLC, an innovative manufacturer of industrial ingredients used in the development and manufacturing of pharmaceuticals. Nu-Tek is currently supplying a critical component used in the manufacture of a COVID-19 vaccine.
The Minnesota Investment Fund provides loans to companies that create and retain high-quality jobs with a focus on industrial, manufacturing and technology-related industries to increase the local and state tax base and improve the economic vitality for all Minnesotans.
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements.