ST. PAUL, Minn., July 1 -- The Minnesota Department of Employment and Economic Development issued the following news release:
Clyde Machines Inc., a Glenwood company that designs and manufactures aircraft ground support equipment, is expanding production with a 35,000-square-foot building addition and 15 new jobs. The business said the new jobs will pay wages and benefits averaging $17 an hour.
To assist the company with the expansion, the Minnesota Department of Employment and Economic Development (DEED) approved a $200,000 low-interest loan from the agency's Minnesota Investment Fund. The company plans to use the funding for the expanded facility and new equipment.
Governor Mark Dayton and state leaders committed $108 million in economic development funding in the 2013 legislative session, including $30 million for the Minnesota Investment Fund.
"Significantly increasing our investment in the Minnesota Investment Fund has helped dozens of businesses like Clyde Machines expand across our state, creating thousands of new jobs," said Governor Dayton. "I congratulate Clyde Machines on its success in Minnesota and for this important expansion that will create 15 new jobs in Glenwood."
"Clyde Machines is a family-owned business that has built an international clientele over the past 50 years," said DEED Commissioner Katie Clark Sieben. "The company is a Minnesota success story, and we welcome the opportunity to help them to build on that success with new jobs and a bigger facility."
Clyde Machines makes trailers, towbars, maintenance stands, crew and passenger stairs, baggage carts and other equipment for the airline industry. Most major U.S. and foreign air carriers are company customers.
Minnesota native Clyde W. Olson launched the company in Glenwood in 1961 after returning to the state from a job in North Dakota. The company began manufacturing precision hydraulic motors for equipment used by utility companies. Shortly thereafter, the business began producing towbars, baggage carts, commissary trucks, water trucks and lavatory trucks, which led to the beginning of Clyde Aircraft Ground Support Equipment.
Since Olson's death in 1971, his daughters have owned and operated the company.
The Minnesota Investment Fund is a financial tool that DEED uses to encourage job creation and retention in Minnesota. With money from the fund, DEED awards grants to local units of government, which then give loans to new and expanding local businesses. In exchange for the loans, the businesses must create or retain a specified number of jobs. The program focuses mainly on manufacturing and technology-related businesses that need money for land, buildings, infrastructure improvements, equipment and renovation.
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