Good news for job growth in Minnesota! Intek Plastics will be expanding their facility by feet AND creating jobs.
Here’s Five Fast Facts on the Intek Expansion:
- 🏗️ Big Time - The 60,200 sq. ft. expansion will be part of Intek’s existing 127,000 square foot facility in Hastings. Intek, btw, is a plastic extruding company.
- 👷 People Production - The expansion has an estimated cost of $8M and will create 46 full-time jobs with an average pay of $32.45/hour. No word if any of the Kardashians will apply in order to get a discount.
- 🚧 We Love You More - Ohio was courting Intek, too, so Hastings and the state got Intek $1.4M from the Minnesota Investment Fund (MIF) and Job Creation Fund (JCF). I wonder how much of that Ohio interest was drummed up to close the deal…
- 🧱 It Depends - The $450,000 from JCF is contingent on the job creation and will only be paid to the business in the form of a rebate when all of those full-time jobs are created.
- 🏢 Sweetening the Deal - The city threw a 3.1-acre lot into the deal, too. Intek will use it for a variety of things, including a future expansion if one is needed and/or Ohio becomes interested in them again.
🔥Bottom line: More business and more jobs are a good thing! It helps that Intek has been in Hastings since 1985, establishing a bit of trust between the two. It also demonstrates how competitive states have become over job creation. A battle like that only benefits the employees in the long run.
What do you think of the expansion?
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