TEAM Industries Plans $7.8 Million Expansion In Detroit Lakes, Minnesota
The company said it will build a 22,500-square-foot addition at the factory, which specializes in high-pressure aluminum die castings. The $7.8 million expansion includes $2.3 million on the facility, and the remaining $5.5 million will be for equipment.
TEAM, which has been in business since 1967, specializes in making drivetrains, transmissions, axles and gears. The company employs more than 1,000 people in Minnesota at facilities in Audubon, Bagley, Cambridge, Detroit Lakes and Park Rapids. TEAM also has a manufacturing plant in Andrews, N.C. This summer, the company entered into a partnership with Oregon-based Brammo Inc. to create systems that enable ATVs, snowmobiles, buses, boats, motorcycles, and golf and utility vehicles to run on lithium-powered batteries.
As an incentive, Minnesota Department of Employment and Economic Development is assisting the company with the expansion with $174,900 from the Minnesota Job Creation Fund. The company will receive the funding after completing the addition.
“TEAM Industries has been producing reliable drivetrain technology and other manufactured components for nearly half a century,” said DEED Commissioner Katie Clark Sieben. “We’re proud to call them a Minnesota company and thank them for creating jobs in Detroit Lakes.”
Trends in Office and Industrial Parks
“Made in America” Executive Order to Affect International Companies and FDI
34th Annual Corporate Survey & the 16th Annual Consultants Survey
2020 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
Another Look at Rural Economies
2019 Leading Metro Locations: Pacific and South-Atlantic Metros Dominate the List