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City, state offer Crenlo $750,000 in forgivable loans to remain in Rochester
The City of Rochester, working with Rochester Economic Development Inc., has proposed providing Crenlo Engineered Cabs with a $300,000 forgivable loan from the city’s Economic Development Fund. The city also applied for a $450,000 forgivable loan from the state s Minnesota Investment Fund. The subsidy is to keep the company from closing its Rochester operations and cutting about 400 local jobs. 9:20 pm, Apr. 14, 2021 ×
City of Rochester and the State of Minnesota have proposed to award $750,000 in forgivable loans to
Crenlo Engineered Cabs.
The owners of the 69-year-old Med City manufacturer told its employees and city staff in 2020 that they were considering leaving Rochester and shifting production to facilities in Iowa and North Carolina.
The St. Paul branch, which started operating under the Think brand in 2006, was located in the
Securian Financial Building in downtown St. Paul.
“These branches are located in limited access facilities and are heavily reliant on the tenant base of their locations. Even before the pandemic began, fewer Think customers were choosing to bank at both branches, stated Think’s Senior Vice President of Consumer Banking
Chris Barnick in an announcement of the closures. “Because of the pandemic, more employees are working remotely, which further decreases their use.”
The announcement says that all the employees who worked at those branches have already shifted to other locations. The closures are officially effective on July 9.
Crenlo to stay in Rochester with support from state and city
State and local officials have reached an agreement with Crenlo to keep the manufacturer in Rochester and to maintain its workforce of 400. Details of the financial agreement have not yet been made public. 10:15 pm, Apr. 8, 2021 ×
The Crenlo plant at 2501 Valleyhigh Drive NW, Monday, Oct. 26, 2020. (Ken Klotzbach / kklotzbach@postbulletin.com)
Crenlo and UAW Local No. 2125 issued a joint statement to employees that the company has reached an agreement with local and local officials for financial support, so it will remain operational in Rochester and keep its workforce of 400 employees here.
Rochester s Vyriad developing oral COVID-19 vaccine
Vyriad, a Rochester biotech firm founded by Mayo Clinic researchers, is developing an oral vaccine for the coronavirus that could be used as a booster in the months after the initial wave of vaccinations. 8:01 pm, Feb. 25, 2021 ×
A vial of Centaur Cov19 is seen Thursday, Feb. 25, 2021, at Vyriad in Rochester. (Traci Westcott / twestcott@postbulletin.com)
A Rochester biotech firm Vyriad is working on an oral coronavirus vaccine that could serve as booster after the first waves of vaccinations.
Mayo Clinic researcher Dr. Stephen Russell, who co-founded Vyriad with Dr. Kah-Whye Peng in 2016, explained that while it has not yet undergone clinical trials, the oral vaccine has shown good results in boosting the antibodies in monkeys.