Duluth-based IKONICS announces $570,000 investment in machinery, considering expansion

By KBJR News 1

July 5, 2014 Updated Jul 5, 2014 at 7:40 PM CDT

Duluth, MN (NNCNOW.com) - Duluth based imaging technology company IKONICS has announced the approval of a $570,000 investment to increase its composite machining capabilities.

According to IKONICS CEO Bill Ulland, the company is also evaluating an expansion to a new site.

The $570,000 dollar boost to their aerospace industry machinery will occupy the remaining space in their Morgan Park location.

After analyzing the risks, Ulland says the company may choose to build a new manufacturing facility at the Morgan Park site, or another location.

Ulland says positive trends in the commercial jet engine business are fueling big opportunities for the company.

If these trends remain positive, Ulland says construction could begin next spring, with completion in the fall of 2015.

Billy Wagness