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New DEED Fund Getting Results

Posted on April 24, 2014 at 12:30 PM
Tags: jobs

The Minnesota Job Creation Fund is starting to pay dividends.

Since the new program was launched in January, DEED officials have approved funding for eight Minnesota expansion projects that are expected to create 435 jobs in the next few years.

DEED Commissioner Katie Clark Sieben went to Dilworth today to celebrate one of those expansion projects. Axis Clinicals Limited, an India-based clinical trial company, is creating up to 100 jobs and investing about $12 million at a new research and analysis facility at the former site of a Wal-Mart in the northwestern Minnesota city.

Axis Clinicals will receive $780,000 from the fund if the company achieves its hiring goals and other project requirements.

Axis Clinicals , headquartered in Hyderabad, India, specializes in planning, designing and managing clinical trials for pharmaceutical, biotechnology and medical device organizations. The company has conducted more than 1,600 clinical studies and developed 290 bio-analytical methods. It has 350 employees at research and analysis facilities in the United States, India, Mexico and Thailand.

Other companies that have been approved for assistance from the Job Creation Fund since the start of the year are North Star Mutual Insurance in Cottonwood, DC Group in Minneapolis, HexFuel in Hastings, Bluegrass Proteins in Dawson, Harmony Enterprises in Harmony, Heraeus Medical Components in White Bear Township and Valmont Industries in Farmington.

With nearly $20 million remaining in the fund, more expansion projects are likely in the near future. DEED officials say eight more applications are pending, and interest is growing as more companies find out about the program.

Go here to read more details about the Minnesota Job Creation Fund.



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