3M Brookings Approved For Reinvestment Payment Program
Wednesday, August 28, 2013
PIERRE, S.D. – 3M announced Wednesday it will be expanding manufacturing capabilities in its Brookings facility later this fall thanks to the newly established Reinvestment Payment Program. 3M was the first company to receive approval under the program.
“I am pleased with 3M’s decision to expand within South Dakota,” said Gov. Dennis Daugaard. “The Reinvestment Payment Program and Workforce Development Program are two critical programs for the creation of permanent, full-time jobs and both play a valuable role in the continued growth of South Dakota’s economy.”
The Board of Economic Development approved a reinvestment payment of up to $234,000 to offset the sales and use tax paid on eligible equipment costs incurred during the project. In addition, the GOED will supply up to $17,000 in Workforce Development Program funds to assist with new employee training. The expansion is slated to create a total of 29 jobs.
“The Reinvestment Payment Program made it possible to expand our ability to manufacture medical dressings in Brookings. This next generation equipment will enable us to better serve customers and create jobs,” said Brookings 3M Plant Manager Ann Getting. “There are many talented people in South Dakota so I’m glad we have support from the Governor’s Office of Economic Development to enable investments that will help us grow here at 3M Brookings.”
The Reinvestment Payment Program came out of the 2013 Legislative Session by way of Senate Bill 235, which was a bipartisan effort to address the comprehensive economic development needs of the state.
Marmen Energy of Brandon, S.D. was also approved for a reinvestment payment of up to $600,000 for their expansion project, making it the second company approved for the program.