Imaging technology company Ikonics Corp. will invest $4.3 million to expand its manufacturing center in Duluth, Minnesota, with plans to hire 20 new workers. The company said it will expand its manufacturing services for the aerospace industry and electronics industry by building a 20,000-square-foot addition in the Atlas Industrial Park on the city’s west side.
Ikonics, which was originally called Chroma-Glo Inc. when it opened in 1952, specializes in products and processes that create and transfer images using photochemical coatings and films, sand carving, digital texturing, photo machining and other advanced technologies. The company has recently entered the digital printing market for the automotive industry and is growing its aerospace business. The company employs about 70 people and serves customers in more than 90 countries.
As an incentive, Minnesota Department of Employment and Economic Development is assisting the expansion with a $508,500 award from the Minnesota Job Creation Fund. The company will receive the funding once it has completed its hiring and investment goals.
“We’re pleased that Ikonics is committed to expanding in Duluth,” said DEED Commissioner Katie Clark Sieben. “This is a growing company that is attracting customers from around the world and adding quality jobs to the northeast region of the state.”
The Minnesota Job Creation Fund is a new pay-for-performance program that provides up to $1 million to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance.