ST. PAUL, Minn.--(BUSINESS WIRE)--St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced plans to expand its presence in Plymouth, Minn. with a construction project designed to expand its current facilities and consolidate operations for the company’s Cardiovascular Division.
The St. Jude Medical board of directors recently approved plans to add a three-story, 275,000 square foot addition to its existing Plymouth building located at 5050 Nathan Lane, consolidating the company’s current Cardiovascular Division leased locations in Minnetonka and Maple Grove with existing operations at the site. The company expects the construction to be completed during 2013.
“Because many of the future growth opportunities for St. Jude Medical are expected to arise from devices in the Cardiovascular Division, we’re excited to develop a Plymouth Campus that will not only help streamline operations and business activities, but also bring employees together under one roof,” said Frank J. Callaghan, president of the St. Jude Medical Cardiovascular Division. “This expansion is viewed as a consolidation and space solution for the company, but also acknowledges a need for adequate space to house our growing business in the years ahead.”
Designs for the Plymouth campus capture the look and feel of other St. Jude Medical buildings, including the company’s Corporate headquarters in St. Paul as well as other new buildings in Brazil and Costa Rica. In line with those facilities, the expansion is expected to incorporate environmentally responsible and sustainable design. St. Jude Medical has also planned for long-term growth at the Plymouth Campus with additional site upgrades that can be added at a later date. The Company’s headquarters and Atrial Fibrillation Division site in Little Canada can also be expanded in the future.
The current building in Plymouth is comprised of 205,000 square feet of space located on 26 acres of land. The site formerly served as the headquarters of AGA Medical, a company acquired by St. Jude Medical in 2010.
St. Jude Medical recently submitted expansion plans to the City of Plymouth to align with the Jan. 24, 2012 City Council meeting. Once the expansion plans have been reviewed and appropriate approvals are in place, the company hopes to start construction as early as February 2012.
About St. Jude Medical
St. Jude Medical develops medical
technology and services that focus on putting more control into the
hands of those who treat cardiac, neurological and chronic pain patients
worldwide. The company is dedicated to advancing the practice of
medicine by reducing risk wherever possible and contributing to
successful outcomes for every patient. St. Jude Medical is headquartered
in St. Paul, Minn. and has four major focus areas that include: cardiac
rhythm management, atrial fibrillation, cardiovascular and
neuromodulation. For more information, please visit sjm.com.
Forward-Looking Statements
This news release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties. Such
forward-looking statements include the expectations, plans and prospects
for the Company, including potential clinical successes, anticipated
regulatory approvals and future product launches, and projected
revenues, margins, earnings and market shares. The statements made by
the Company are based upon management’s current expectations and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. These risks and uncertainties include market conditions and
other factors beyond the Company’s control and the risk factors and
other cautionary statements described in the Company’s filings with the
SEC, including those described in the Risk Factors and Cautionary
Statements sections of the Company’s Annual Report on Form 10-K for the
fiscal year ended January 1, 2011 and Quarterly Report on Form 10-Q for
the fiscal quarter ended July 2, 2011. The Company does not intend to
update these statements and undertakes no duty to any person to provide
any such update under any circumstance.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50121182&lang=en