Daikin Applied Americas Inc. announced in a press release this morning plans to expand its manufacturing operations in Faribault. The commercial HVAC manufacturer said they plan to invest $40.3 million dollars in the expansion which will create 132 jobs.

The company plans to buy an existing 300,000 square-foot warehouse and renovate the building into a state-of-the-art-production facility. This expansion will occur over a 5 year period. The new jobs created will average $22.20 an hour. Daikin Applied Americas is based in Plymouth and makes heating, ventilation and air conditioning systems for the commercial market.

Daikin is receiving a $750,000 loan from the Minnesota Department of Employment and Economic Development along with a grand of $1.6 million from the Job Creation Fund.

The parent company of Daikin is based in Japan and was founded in 1924 and has annual revenue of more than $20 billion. The company has over 90 production sites worldwide including Owatonna. Currently around 900 people are employed at the Owatonna and Faribault plants. The press release states that Daikin had explored numerous U.S. sites and Mexico before deciding to expand in Faribault.