Tuesday morning, it was announced that Amsoil, a local manufacturer of synthetic lubricants, has agreed to purchase the naming rights for the new building.
The deal, for $6 million for 20 years, means the arena that houses UMD hockey starting in December will be called AMSOIL Arena.
Here is the press release:
Thanks to the generosity of a locally-based national corporation, the Duluth Entertainment Convention Center’s addition won’t simply be called “the new arena” when it opens this December. It will be called AMSOIL Arena.
On May 11, 2010 the DECC Board approved awarding naming rights for the new facility to AMSOIL INC., a world leading manufacturer of synthetic lubricants and a major Twin Ports employer.
“Throughout the planning and construction process, the DECC Board has always sought ways to make this great new arena even greater for residents of the entire region,” said Mark Emmel, the DECC's board chair. “One important way of doing that is through a naming rights agreement, and we wanted to team up with a company that’s local, has a reach far beyond this area, and has a reputation for excellence. AMSOIL not only met but greatly exceeded all of those criteria, and we’re looking forward to an exciting, long term relationship with them.”
Albert J. Amatuzio, AMSOIL’s founder, president and CEO, said a partnership with the DECC is a perfect fit.
“Although AMSOIL produces products that are used throughout the world, the vast majority of our employees live and work right here in the Twin Ports. This is our home,” said Amatuzio.
“We’re honored to be associated with a facility that is so critical to the community’s economy and image.
AMSOIL Executive Vice Presidents Alan Amatuzio and Dean Alexander echoed that sentiment.
“We have worked closely with the DECC for many years and have established a great relationship,” said Alan Amatuzio. “I think both sides of this partnership realized from the start that this was a good opportunity for everyone, and that includes the entire region.”
“We’re proud to be involved,” said Alexander. “We’ve had many opportunities throughout the years to relocate the company but have chosen to stay here. We’re committed to the area, and our decision to step up and do this deal reflects that commitment.”
The agreement calls for the DECC to receive $6 million over a 20 year term.
One way AMSOIL’s investment will enhance AMSOIL Arena is that it will provide funding that allows the arena to achieve the LEED Gold Standard, making AMSOIL Arena only the second in the nation with this important designation for environmental responsibility. AMSOIL’s funding will also allow the DECC to update AMSOIL Arena as upgrades are needed in coming years.
Great news, in that a local company stepped up and made this happen.
The building is still coming along quite nicely, and should be more than ready for the opening events at the end of the year.