Daikin Applied Americas Inc. plans to invest USD 40.3 million, creating 132 jobs, to expand its manufacturing operations in Faribault. The company will buy an existing 300,000-square-foot warehouse and renovate the building into a state-of-the-art production facility. The new jobs will be created within 5 years and average wages would be USD 22.20 an hour. The Minnesota Department of Employment and Economic Development (DEED) is supporting the project with a USD 750,000 loan from the Minnesota Investment Fund and a USD 1.6 million grant from the job creation fund. The company will receive the funding after it meets investment and hiring commitments.
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