Area Development
Moventas, a Finland-based builder of gear boxes for gear boxes will build a production facility in Faribault, Minnesota. According to the Minnesota governor's office, the company plans to break ground on an 80,000-square-foot plant this fall and employ approximately 100 people, primarily in assembly and testing. "We appreciate all the work that Minnesota and local officials put into making Faribault an attractive site," says Jim Bjork, Moventas' vice president of North American expansion. The governor's office has not released financial details of the incentive package offered to Moventas, but indicates that it includes state tax incentives. Company officials expect the factory to reach full production capacity in 2011. Minnesota will require 25 percent of its electricity to come from renewable energy sources by 2025.