Ikonics plans $4.3M expansion

James Warden//October 30, 2014//

Listen to this article

Duluth-based Ikonics Corp. plans a $4.3 million, 20,000-square-foot expansion that will create 20 new jobs, according to a Minnesota Department of Employment and Economic Development news release.

The imaging technology company is expanding manufacturing services for the aerospace and electronics industries in the Atlas Industrial Park on the west side of Duluth.

The company has a workforce of about 70 people.

“This is a growing company that is attracting customers from around the world and adding quality jobs to the northeast region of the state,” DEED Commissioner Katie Clark Sieben said in a news release.

DEED awarded Ikonics $508,500 from the Minnesota Job Creation Fund to assist with the expansion. The $24 million fund is a pay-for-performance program that provides money to businesses after they meet certain criteria. Businesses must create at least 10 full-time jobs and invest at least $500,000 to receive any state money.

Since the fund launched in January, DEED has awarded more than $13.8 million to 25 companies that have pledged to create more than 1,450 new jobs and invest $243.6 million.

The assistance works out to a subsidy of about $9,500 per job.