(KNSI) – Niron Magnetics of Sartell is getting $10 million to help the company build a new factory to make its patented rare earth mineral-free magnets.
The factory will be 190,000 square feet, located on land once owned by the Verso Paper Mill. The company expects to be able to build 1,500 tons of magnets each year at the plant. The opening date has been slated for 2027.
While the state is chipping in $10 million, that is only a small fraction of the total project cost. The factory’s price tag is estimated at over $169 million. It will create 175 full-time jobs.
Minnesota Department of Employment and Economic Development Commissioner Matt Varilek says, “The Minnesota Forward Fund is a tool that DEED can utilize to attract businesses to launch and grow here, especially in exciting, emerging industries.”
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