Midwest Machinery Co. signed an agreement to purchase Evergreen Equipment in Little Falls, Wadena, as well as Northwood Turf and Power in Baxter and Aitkin effective Oct. 28.
“It will be the beginning of a new identity for the Little Falls, Wadena, Baxter and Aitkin locations as we move towards a full integration,” Midwest Machinery Co. stated in a letter to customers.
The company stated it looked forward to the new partnership and said customers may expect a wider range of parts and equipment supported by technical resources as products continue to become more complex.
Both Evergreen Equipment and Northwood thanked customers for their past support.
“With this change, you can expect to see the same friendly and helpful staff at all locations that you are used to working with today and we will work to build upon the successes that Evergreen Equipment and Northwood have achieved,” Midwest Machinery reported. “We will incorporate the best practices from both organizations to create one consistent and positive business approach.”
Minnesotans are recouping income losses during the Great Recession.
The Department of Employment and Economic Development (DEED) reported a boost in per capita income in Minnesota.
“Personal income in Minnesota plunged during the Great Recession, driven by a combination of job losses, reduced work hours, delayed raises, wage cuts and other factors,” DEED stated. “Many of those factors have reversed direction since then, helping to boost real per capita income over the last three years. ... Personal per capita income in Minnesota is nearly back to its pre-recession level, reaching $46,227 in 2012. That is only $125 below the record high that was reached in 2008, adjusted for inflation.”
DEED noted Minnesota’s per capita personal income “has grown faster over the last few years than the national rate. It soared during the 1990s and early 2000s compared with the rest of the country, peaking at 9.2 percent higher (or roughly $3,800 more income per person in Minnesota than nationally) in 2003 and 2004. The state’s advantage slipped some during the mid-2000s but has been rising again since the recession, now standing 8.2 percent above the U.S. average.”
Farm income was listed as a significant source of income growth during the recovery that is expected to wane in the future.
“Minnesota farm income doubled between 2007 and 2012, climbing from $2.1 billion to $5.5 billion. State farmers had an exceptional year in 2012, capturing 7.5 percent of nationwide farm income, their second highest share ever, topped only by the 7.8 percent attained in 1977.”
DEED noted “health care and social assistance, which weathered the recession better than most sectors, saw wage and salary payments that were $1.6 billion higher in 2012 than in 2007.”
As most are aware, manufacturing and construction were hard hit areas during the recession.
“Wage and salary payments in manufacturing were $1.8 billion below their 2007 level in 2012, while construction wage and salary income was down $1.5 billion over the five-year period,” DEED reported.
TDS Telecommunications announced part of its American Recovery and Reinvestment Act (ARRA) stimulus-funded broadband Internet project in Cass County, around Hackensack and Backus, is now accessible to some residents and businesses. Construction is expected to be completed by year’s end.
“Once complete, approximately 900 residents in Cass County will have access to a broadband connection,” TDS reported.
Wausau Paper recently announced a quarterly dividend of .03 percent per share on the company’s common stock and reported it “will be targeting a return of about 50 percent of free cash flow to shareholders through dividends or share purchases.”
“With the focus of our company narrowed to tissue and the elements of growth, operational optimization and strategic repositioning well underway, we are well-positioned for the future,” said Henry C. Newell, president and CEO of Wausau Paper, in a news release.
“The board has established as a priority the return of capital to shareholders, which will increase over time as we continue to grow our business and free cash flow.”
The dividend is payable Nov. 15 to shareholders of record at the close of business on Nov. 1.