BAXTER -- A precision manufacturing facility in the Baxter Industrial Park will be assisted by a $300,000 Minnesota Investment Fund grant, the state reported.
The Minnesota Department of Trade and Economic Development reported the grant will finance a seven-year loan to TEAM Industries Baxter Inc. The business engages in precision and prototype machining and short-run production of parts used in recreational, agriculture, off-road, automotive and lawn care products.
The grant, which is awarded to the city of Baxter, will finance the loan to TEAM Industries and be used to acquire equipment and machinery for the new manufacturing facility.
Team Industries is an integrated group of companies that currently employs more than 1,100 people in five Minnesota locations. The $3.6 million project in Baxter is expected to create at least 50 new jobs and increase the tax base in Baxter by $2.3 million.
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