December 20, 2017 10:39 PM
Altec will create 100 new jobs in Duluth as part of $8.45 million expansion in Duluth, according to the Minnesota Department of Employment and Economic Development.
DEED is supplying Altec with a $550,000 forgivable loan from the Minnesota Investment Fund, and the Duluth Seaway Port Authority is contributing $3.5 million in the form of building upgrades. The Port Authority owns the building where Altec, which makes specialized aerial lift trucks, is located.
"The Minnesota Investment Fund is one of the state's most successful economic development tools," said DEED Commissioner Shawntera Hardy in a news release. "Since the fund was created in 1985, Minnesota companies like Altec have created thousands of jobs and invested millions of dollars in expansion projects."
The state loan will be forgiven if Altec meets its hiring an investment goals. The company currently has about 230 employees in Duluth.
Altec did not respond to WDIO's request for comment on DEED's announcement.
Updated: December 20, 2017 10:39 PM
Created: December 20, 2017 05:56 PM
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