Lt. Governor Smith congratulated IKONICS, thanking it for its commitment to Minnesota
ST. PAUL, MN - Duluth-based imaging technology company IKONICS Corp. broke ground today on a $4.3 million expansion that will include the hiring of 20 new workers. The company will expand its manufacturing services for the aerospace and electronics industries by building a 27,000-square-foot addition in the Atlas Industrial Park on the city's west side. At the groundbreaking in Duluth today, Lt. Governor Tina Smith represented the State of Minnesota, which provided financing assistance for the project.
"This is bright day for Duluth and for Minnesota. The IKONICS expansion will create good jobs and help secure northeast Minnesota's place as hotbed of aerospace innovation," said Lt. Governor Tina Smith. "I want to thank IKONICS for their continued commitment to Minnesota and congratulate them for their continued success."
To assist with the expansion, the Minnesota Department of Employment and Economic Development (DEED) awarded IKONICS $508,500 from the state's Job Creation Fund. The company will receive the funding once it has completed its hiring and investment goals.
The
Job Creation Fund was first proposed by Governor Mark Dayton to encourage job growth in Minnesota. Since 2013, DEED has awarded $24 million in business incentives. Officials said the program is helping the state to compete for new jobs and businesses.
IKONICS, which was originally called Chroma-Glo Inc. when it opened in 1952, specializes in products and processes that create and transfer images using photochemical coatings and films, sand carving, digital texturing, photo machining and other advanced technologies.
The company has recently entered the digital printing market for the automotive industry and is growing its aerospace business. The company employs about 70 people and serves customers in more than 90 countries.
About Minnesota Job Creation Fund
The
Minnesota Job Creation Fund is a 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 $13.8 million to 25 companies in Minnesota. Those companies have committed to creating more than 1,450 new jobs and investing $243.6 million to expand.
