A company that specializes in die casting, Pace Industries will invest $6.3 million to add 60,000 square feet at its manufacturing complex and make adjustments to expand an existing structure in Maple Lake, Minnesota.
Pace, which is based in Fayetteville, Arkansas, was founded in 1970 as a small die-casting facility. The company today is one of the largest and most diversified die-casting companies in the world, according to the Minnesota Department of Employment and Economic Development.
Die casting is a process for manufacturing metal parts by forcing molten metal under high pressure into molds. Pace acquired Product Technologies in Maple Lake in 2000 and renamed the business its Product Tech Division. The division specializes in die casting for the medical device, automotive, recreation vehicle, power and hand tool, and telecommunications industries. Pace also has a Minnesota facility in Arden Hills.
As an incentive, Minnesota Department of Employment and Economic Development is supporting the project with a $167,969 grant from the Job Creation Fund. The company will receive the funding once it has met its hiring and investment commitments.
“Pace Industries has a strong reputation for producing innovative and quality products,” said DEED Commissioner Shawntera Hardy. “We thank the company for its commitment to Minnesota and for bringing new jobs to Maple Lake.”