Local incentives, including a reported $4.9 million tax incentive package, helped lure an investment that city and state officials believe will help retain about 1,200 jobs in Owatonna.
Manufacturing
The Bloomington-based company said quarterly earnings climbed nearly 60 percent, driven by strong demand for large turf equipment and growth in “mico-irrigation” sales.
A U.S. Department of Energy test exposed solar panels made by six manufacturers to high humidity and extreme temperatures and found that those made in a plant on Minnesota’s Iron Range are the most durable.
Cirrus Aircraft is one of several companies that is boosting headcount in Duluth.
The University of Minnesota study found that production of key global crops is likely to increase 38-67 percent by 2050 while the estimated need for those crops will increase by 60-110 percent in that period.
Altec HiLine is awaiting approval for a $250,000 forgivable loan from the state that would aid its planned $1 million expansion in Duluth.
The company’s fourth-quarter profits jumped nearly 400 percent, driving shares of its stock to close Wednesday at a record high of $52.82.
Meanwhile, the plant is undergoing a $50 million upgrade, for which it received several local incentives.
It’s unclear what exactly the future holds for the property, but the new owner reportedly plans to disassemble the plant and will not reopen the paper mill.
Boston Scientific said Tuesday that its fourth-quarter earnings fell 44 percent—and that it will eliminate 900 to 1,000 positions this year in addition to previously announced cuts.
Investors reacted positively to 3M's fourth-quarter and full-year 2012 financial results, sending its stock to a record $99.76 on Thursday.
New Brighton-based Johnson Screens, which makes water treatment equipment and employs 250 people in Minnesota, has agreed to be acquired by Germany-based Bilfinger.
The company previously said it expected to receive such a letter from regulators following the inspection of a manufacturing facility in California.
The medical device giant said it would make improvements to its processes and address specific concerns raised during an inspection of its Sylmar, California facility.
Verso Paper, which shuttered its Sartell Paper mill following a fire that killed one worker, has reportedly paid a $39,200 fine after being cited for two violations by the Occupational Safety and Health Administration.
Imperial Plastics reportedly plans to build a 69,120-square-foot facility in Mankato, where it intends to employ 125 people.
Appert’s President Joe Omann said that Sysco plans to retain the company’s 300 workers, and being acquired by an industry leader will likely lead to additional growth in Minnesota.
The company, citing a downturn in the global electronics market, cut roughly 20 positions, and the reductions were split between its Minnesota headquarters and its Singapore operations.