Sartell – The city of Sartell received 2 million US dollars to support Street and Utility Construction for Niron Magnetics. The Ministry of Employment and Economic Development of Minnesota announced the award in a press release.
Niron Magnetics, a manufacturer of rare earth-free permanent magnets, previously announced plans for the construction of a plant of $ 38 million in Sartell. The company plans to break on the site on site this year.
Niron Magnetics plans to create 175 full-time manufacturing jobs. The company also plans to invest an additional $ 62 million in the future expansion of 425 full-time employment of $ 425.
According to the publication, the total cost of the public infrastructure project is 4.4 million dollars.
The company received a tax credit of $ 52.5 million in order to advance the construction in the first complete fazility of section 48c Advanced Energy Project of the Energy Ministry in January.
Trent Abrego is an economic reporter for St. Cloud Live and can be reached at trent@stcloudlive.com.