Altec Inc. will invest $8.45 million and create 100 jobs in an expansion of its manufacturing facilities in Duluth, the Minnesota Department of Employment and Economic Development (DEED) announced Wednesday.
Altec, which manufactures aerial lift trucks, plans to purchase new equipment and make other upgrades at its Duluth operations. The company currently employs about 230 people in Duluth.
DEED is supporting the project with a $550,000 forgivable loan from the Minnesota Investment Fund. The loan will be forgiven if the company meets its hiring and investment goals.
The Duluth Seaway Port Authority, which owns the building where Altec is located, is contributing another $3.5 million to the project in the form of building upgrades.
“The Minnesota Investment Fund is one of the state’s most successful economic development tools,” said DEED Commissioner Shawntera Hardy. “Since the fund was created in 1985, Minnesota companies like Altec have created thousands of jobs and invested millions of dollars in expansion projects.”
Altec Inc., headquartered in Birmingham, Ala., manufactures aerial devices, cable handlers, chippers, cranes, digger derricks and other equipment for the electric utility, telecommunications, lights and signs, and tree care industries. The company also offers equipment financing, rentals, used equipment sales, tools and supplies.
Altec has seven manufacturing plants and more than 20 service centers throughout the United States and Canada. It has customers in more than 100 countries.