Daikin Applied Americas Inc. is planning a $9 million expansion to its Owatonna plant that will result in 40 additional jobs, Minnesota officials said Wednesday.
Daikin, which is based in Plymouth and has facilities in Faribault and Owatonna, makes commercial heating, air and ventilation systems.
For its Owatonna expansion, the state will provide $880,000 in assistance, provided the company meets certain job-creation requirements. The money is slated to come from the Minnesota Job Creation Fund, which replaces the state's expired JOBZ tax-increment credit program, said officials with the Minnesota Department of Employment and Economic Development.
In a statement, Gov. Mark Dayton praised the program and Daikin's decision.
"The Minnesota Job Creation Fund was launched just six months ago. It has already helped finance business expansions, like Daikin Applied's, throughout our state [and] added hundreds of new jobs," Dayton said. "I thank Daikin Applied for its very important expansion in Owatonna and for its continued commitment to Minnesota."
The Minnesota Job Creation Fund is slated to provide $24 million in business incentives.