The Minnesota Department of Employment and Economic Development (DEED) has awarded a $1.8 million grant to the Princeton manufacturing firm Elemet Group Inc.
Governor Tim Walz recently made the announcement of the DEED’s grant distribution. A total of $13 million was designated to be split among 15 Minnesota businesses. The money set aside for Elemet is coming from two DEED funds; $1 million will be from DEED’s Minnesota Investment Fund with the remaining $800,000 being provided by DEED’s Job Creation Fund.
In a statement to the Union-Times the governor said:
“Minnesota is proud to be a top state for business and to live and work. We are committed to supporting our businesses and investing in the future of Minnesota’s workforce, whether through business expansion, grants for entrepreneurs, or child care.”
Elemet Group Inc. specializes in heavy metal spinning, robotic welding, heavy machining, laser cutting, fabrication and powder coating and finishing. The company is building a new 126,621 square foot facility here in Princeton at a projected cost of $26.4 million to support its expanding business and manufacturing needs.
New facilities often require a change in business Stationery items such as new invoices and Letterheads.
It is anticipated that in the first three years the Elemet Project will create 45 jobs with an average hourly wage of $29.59.
Elemet Group Inc.’s parent company Glenn Metalcraft has been part of the Princeton business community since 1947 and does business from 1502 14th Street South in Princeton.
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