Caterpillar Paves Way For $3 Million Expansion
Caterpillar Paving Products is adding a $3 million expansion to its Brooklyn Park facility that will add 31 full-time jobs.
The effort is funded in part by the Minnesota Department of Employment and Economic Development (DEED) through $307,300 from its Job Creation Fund. The Peoria, Illinois-based manufacturer plans to expand its small and large asphalt compactor machines that are used for road construction.
“Caterpillar is one of the world’s most respected and recognized brands,” DEED deputy commissioner Kevin McKinnon said in a statement. “The company expansion of Brooklyn Park is terrific news for the community and will position Caterpillar to continue growing its paving products business.”
The Job Creation Fund is a pay-for-performance program to provide funding to businesses that create at least 10 full-time jobs and invest at least $500,000 in a local project. Businesses that meet these criteria are eligible for financial assistance.
Since its January 2014 launch, DEED has awarded $19 million to 36 companies through the Job Creation Fund. The investments have created more than 2,100 jobs and $376 million in planned expansions.
Funding for Caterpillar’s project will be received once its commitments to promised investments and hiring have been fulfilled.