About New Ulm Economic Development Corporation

MISSION STATEMENT

New Ulm Economic Development Corporation will act as a catalyst for promotion of the economic well being of New Ulm by stimulating local business retention and expansion; by attracting new businesses; and by assuring a favorable economic climate for new ideas and economic growth.

OPERATIONS

New Ulm Economic Development Corporation (NUEDC) is a private non-profit corporation. NUEDC partners with the City of New Ulm and the Chamber of Commerce to provide economic development services to the benefit of New Ulm residents and businesses. A volunteer Board of nine Directors has oversight of the operations. A portion of the operating budget comes from an annual appropriation from the City of New Ulm. The Chamber of Commerce provides office space and secretarial support.

HISTORY

In 1951, the Eagle Roller Mill, then New Ulm’s largest employer, went out of business. The loss of those 350 jobs shocked the community. In response, a group of local businessmen formed the forerunner of NUEDC, New Ulm Industries. Articles of Incorporation were adopted on April 21, 1952. Shares were sold to local business owners and community leaders. The original capitalization of $40,000 was used to construct a factory spec building. Today, that building is part of 3M in New Ulm. In 1954 New Ulm Industries was successful in attracting a Kraft Foods plant. Kraft and 3M continue as the two largest employers in New Ulm. On May 9, 1991, New Ulm Industries was changed to New Ulm Economic Development Corporation.