Five companies are dipping into a newly approved fund that the state is using to encourage businesses to boost local job growth and investments.
Economy
Wells Fargo is banking on Minneapolis with a major investment in Downtown East.
Millions of dollars in grants are being awarded to state schools that will help train workers of Shutterfly, TRW Automotive, ConAgra Foods, the Benedictine Health System, and other companies looking to improve or grow their Minnesota workforces.
Minnesota added a net 600 jobs in January, although retail employment, which fared well in December, represented a major weak spot.
Texas-based Nexstar Broadcasting Group bought the local Web technology and news content company in a deal expected to close later this month.
Last month, Mayo announced a partnership with the Minnesota Timberwolves and Lynx in a basketball practice facility and sports medicine clinic inside the former Block E in downtown Minneapolis.
Minneapolis was ranked 118th on a list of the best and worst large cities for entrepreneurs to start a business, St. Paul ranked 136th.
The $97 million Target Center revamp is now open for bids from architectural and engineering firms looking to finalize the project’s design.
Hannon Security Services, Inc., was bought by California-based Universal Protection Service, one of the largest security companies in the country.
Governor Dayton’s proposal would cut certain middle class taxes, B2B taxes, local government and nonprofit taxes, eliminate the gift tax, and increase angel investor tax credits.
Castlelake recently closed on $1.4 billion in new capital commitments, bringing its total managed assets to $3.6 billion.
The Bloomington mall confirmed recently that, after closing on $300 million in financing, it plans to add a 700,000-square-foot expansion.
Claiming to have the majority market share of its industry, American Surplus and Manufacturing is opening a new facility in Pine River that it said will bring 20 jobs to the city.
The fourth-quarter expansions brought the annual total to 146 in Minnesota, which are expected to create nearly 8,000 jobs in the state.
Best Buy swung to a profit in its fourth quarter but is reportedly planning to cut up to 2,000 managers across the country.
3M ranked 23rd and Target 29th, although both fell several spots from last year’s list.
Bloomberg News reported that the Minnesota company is working with Goldman Sachs to sell some of its business units piecemeal.
Caribou Coffee added a variety of new bakery offerings Tuesday and plans to follow them up with hot sandwiches in a few months, as well as snacks like hummus and pita bread later this year.