Daikin Receives State Loans and Grants for Minn. Expansion

Written on: September 11, 2018 by ICM

HVAC systems maker Daikin Applied Americas has received a $750,000 Minnesota Investment Fund loan and a $1.6 million Job Creation Fund rebate grant from the state, provided it meets hiring and investment requirements, according to the Star Tribune. Daikin plans to expand its manufacturing at a newly required site in Faribault at a cost of $40 million. It is expected to result in 200 new hires and will be the third manufacturing site in Minnesota. Daikin explored multiple sites in the U.S. and Mexico but ultimately chose southern Minnesota, said Commissioner Shawntera Hardy, head of the Minnesota Department of Employment and Economic Development. The company is part of Japan-based Daikin International.