Graco, internationally recognized manufacturer of fluid handling equipment for industrial and commercial applications, plans to create 84 jobs and invest $73 million to expand its operations in Rogers at the David A. Koch Center.
Graco said the project will add 480,000-square-feet to the existing 316,000-square-foot manufacturing, office and product development facility. The new jobs are expected to be created within four years and pay wages that average $21.16 an hour. The company will receive the funding after it meets investment and hiring commitments.
The Minnesota Department of Employment and Economic Development (DEED) is supporting the expansion with a $700,000 loan from the Minnesota Investment Fund and an $800,000 grant from the Job Creation Fund.
"Graco considered multiple U.S. sites for this project but ultimately chose to expand in Rogers," said DEED Commissioner Shawntera Hardy. "The company's decision is a testament to the area's talented workforce and access to transportation infrastructure."
The company's David A. Koch Center, named after the company's former president, CEO and chairman, is the worldwide headquarters for its Contractor Equipment Division. Graco expects to break ground in November and will continue current operations in the space throughout the project. The project is scheduled to be completed by the end of 2019.
The Job Creation Fund, which was created by Gov. Mark Dayton in 2013, is a pay-for-performance program that provides funding 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 in the Twin Cities metro and create at least five full-time jobs and invest at least $250,000 in Greater Minnesota.
Since the Job Creation Fund was launched in January 2014, DEED has awarded over $42 million for 92 business expansion projects in Minnesota. Companies have committed to creating 5,800 full-time jobs and investing $1.2 billion.
The Minnesota Investment Fund awards loans that businesses can use for improving their operations and hiring additional workers. Last year, the program awarded $10.3 million in financial support to 16 businesses. Those loans resulted in more than 1,175 jobs and attracted $324 million in private funding.
Go to the DEED website for more details about the Job Creation Fund ;and the Minnesota Investment Fund.
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 us on Twitter.