The state’s award will leverage up to $141.8 million in private investment
2/27/2019 7:53:57 AM
ST. PAUL – The Minnesota Department of Employment and Economic Development (DEED) approved grants totaling more than $1.7 million in funding for five Minnesota businesses.
The Minnesota Job Creation Fund awarded funding to Cantel Medical Corp., NAPCO International LLC, QA1 Precision Products, Inc., Up North Plastics Inc., and Vision Ease, LP. The projects are expected to create a total of 549 new jobs.
"The Job Creation Fund helps promote economic growth for all of Minnesota," said Governor Walz. "Today that means hundreds of new jobs in Plymouth, Brooklyn Park, Lakeville, Cottage Grove and Ramsey."
“The Job Creation Fund is a critical tool for Minnesota businesses looking to expand, innovate and grow,” said DEED Commissioner Steve Grove, “These expansion projects, and the new jobs that come with them, will continue to support the economy of these local communities and the entire state.”
The Job Creation Fund is a pay-for-performance program that provides funding to businesses after meeting certain criteria. To be eligible in the Twin Cities metro, businesses must create at least 10 full-time jobs and invest at least $500,000. Businesses located in Greater Minnesota, or those owned by 51 percent minority, veterans, women or persons with disability, must create at least 5 full-time jobs and invest at least $250,000 to be eligible.
Since its launch in 2014, the Job Creation Fund has helped 95 businesses, created 6,315 new jobs and awarded more than $43 million.
The following is a breakdown of the last funding round:
Cantel Medical Corp is a leading provider of infection prevention and control products and services in the healthcare market. This project would renovate the company’s Plymouth facility to add a 20,000 square-foot innovation and training center and a 7,500 square foot research and development testing center. The total project cost is $4,500,000. The company expects to create 101 jobs within three years with an average wage of $28.21 an hour.
NAPCO International is NorcaTec’s military land vehicle division and is a manufacturer and distributer of military and aerospace spare parts. The total project cost is expected to be $1,678,072. The project is expected to create 18 jobs with three years with an average wage of $24.36 an hour.
QA1 Offers an extensive line of American made shock absorbers, driveshafts, and accessories. The project consists of expanding its presence into Lakeville. The project is expected to create 30 jobs within three years.
Up North Plastics Inc. is a plastics manufacturer. This project would consist of the construction of a new 421,000-square-foot facility next to the company’s existing facility in Cottage Grove. The total project cost is $101,500,000. The company expects to create 200 new jobs within two years.
Vision Ease is a leading manufacturer of ophthalmic lenses through superior technological ingenuity. This project would bring a large Rx manufacturing site into the existing Vision Ease facility. The total project cost is expected to be $23 million. The company expects to create 200 new jobs within 3 years.
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 its services, visit the DEED website or follow DEED on Twitter.
Upon request, the information in this news release can be made available in alternative formats for people with disabilities by contacting the DEED Communications Office at 651-259-7161.