Stone-processing equipment manufacturer Park Industries Inc. announced plans to invest in its operations and expand its facility in St. Cloud.
The company, which makes equipment for cutting, polishing and shaping natural and engineered stone, said it plans to add 33,760 square feet of production space to its facility at 6301 Saukview Drive.
To assist with the expansion, the Minnesota Department of Employment and Economic Development (DEED) awarded the company $624,000 from the Minnesota Job Creation Fund. The company will receive the funding once it meets its performance goals.
“The Minnesota Job Creation Fund is working, helping Minnesota companies like Park Industries expand and create more jobs in our communities,” said Governor Mark Dayton, who working with the Legislature in 2013 invested $24 million in the Job Creation Fund. “I congratulate Park Industries for its continued success, and thank the company for the 25 new jobs this project will create.”
“Park Industries is a family-owned business that is the largest manufacturer of stone-processing equipment in the United States,” added DEED Commissioner Katie Clark Sieben. “We are pleased to provide a Minnesota Job Creation Fund award to expand its business and increase production in St. Cloud.”
Park Industries was founded in 1953 by Leon Schlough and has remained in the Schlough family for three generations. The company provides stone-working solutions to more than 3,000 businesses in North America and has produced more than 10,000 machines that are operating worldwide. Park Industries is the largest manufacturer of stone working equipment in North America and employs about 225 people.
The Minnesota Job Creation Fund is a new pay-for-performance program that provides up to $1 million to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance.
The program is available to businesses engaged in manufacturing, warehousing, distribution, technology and other eligible activities. Companies must work with the local government (city, county or township) where a project is located to apply to DEED to receive designation as a Job Creation Fund business.
Since the Job Creation Fund was launched in January, DEED has awarded $12.6 million to 21 companies in Minnesota. Those companies have committed to creating more than 1,300 new jobs and investing $235 million to expand.
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 our services, visit us at http://mn.gov/deed/ . Follow us on Twitter at twitter.com/mndeed .