New business coming to Austin to receive $175,000 in business incentives
A new business coming to Austin this spring will be receiving financial assistance from the State of Minnesota.
The Minnesota Department of Employment and Economic Development (DEED) reported that $175,000 will be going to Nu-Tek BioSciences to aid in the construction of the first dedicated, animal-free peptone, and protein hydrolysate manufacturing facility in the United States in Austin. The funding will help the company, a manufacturer of ingredients used in the development and production of pharmaceuticals, create 19 high quality jobs over the next two years. The Austin-based project has been conducted in consultation with local officials from the City of Austin, the Austin Port Authority, Austin Utilities, Mower County, Development Corporation of Austin (DCA) and the Community Venture Network. The new manufacturing facility will be built at Creekside Business Park with construction expected to start this spring.
The funds will be a part of $1.67 million in incentives going to Nu-Tek and five other businesses around the state.