If any company is prepared for a groundbreaking ceremony, it's Minnesota-based Toro.
With local dignitaries in attendance, Toro CEO Michael Hoffman on Thursday climbed aboard a new Toro earth-moving machine and started ripping into a parking lot – site of a $25 million, 75,000-square-foot corporate headquarters expansion in Bloomington, the Business Journal reports.
The new three-story addition will be constructed on north side of Toro's single-story headquarters, built in 1952, the publication notes. Toro aims to add at least 50 new corporate jobs to the 900 jobs at its HQ complex, the Business Journal reports.
The new expansion is expected to be complete by the summer of 2014, in time for the company's 100th anniversary, the Star Tribune notes. Hoffman said “this new building will help take us into the next century," the newspaper reports.
A Minnesota Department of Employment and Economic Development spokeswoman confirmed to the Star Tribune Thursday that the state would give the $2 billion company a $750,000 loan to be forgiven if the company keeps 900 workers in Minnesota and adds the 50 new jobs.