Minnesota Twist Drill, Inc.

Minnesota Twist Drill, Inc. has turned itself into a 

model company. Founded in the late 1960s as Mesabi Drill, the high-speed steel drill bit manufacturer underwent several ownership changes before a local group of investors in 2003 reorganized the Chisholm business.

Under a new operational model, co-owners Scott Allison, Terry Bergum, John Dosen, Jim Fena, Paul Janssen, Al Lambert and Jon Larson expanded employment to 90 from 45 and tripled revenue to $16 million from about $5 million. Production at the plant has increased to 100,000 bits per day from about 30,000.

Minnesota Twist Drill supplies high-speed drill bits to major tool companies such as Black & Decker and Irwin.

In April 2008, Minnesota Twist Drill received the prestigious Joel Labovitz Emerging Entrepreneur award from the University of Minnesota Center for Economic Development.

‘This is the model of a company and what it can become when employees and local investors invest in the community,” said Elaine Hansen, director of the University of Minnesota Duluth Center for Economic Development.

Iron Range Resources has supported Minnesota Twist Drill’s success through two bank participation loans, a direct loan and an employee grant.