Arctic Cat Expanding Facilities in St. Cloud, Thief River Falls
ST. CLOUD/THIEF RIVER FALLS - Arctic Cat is expanding its facilities in both St. Cloud and Thief River Falls. Arctic Cat officials have announced plans to invest nearly $27 million in its manufacturing facilities, which is expected to create about 50 new jobs.
According to the Minnesota Department of Employment and Economic Development, the company will spend about $400,000 in St. Cloud expanding assembly capability, which will create about 10 new positions here. Arctic Cat manufactures and assembles ATV and snowmobile engines at the 56,000 square foot facility in St. Cloud.
Meanwhile, they'll invest about $26 million in Thief River Falls for a new paint line and other improvements, creating an estimated 39 new jobs there.
The planned projects are eligible to receive local and state tax incentives.
The company reported a loss of $21.5 million in its fiscal fourth quarter. Arctic Cat posted revenue of nearly $99 million for the period, against Wall Street analysts' expectations of $111 million.
Arctic Cat shares have dropped 1 percent since the beginning of the year.
The Associated Press contributed to this story.