"It's always a win when we can encourage any Minnesota-based businesses to expand and grow here at home, but Medtronic is special," said Gov. Tim Pawlenty, who attended the ceremony. "Medtronic not only offers life-saving therapies for people around the world, they provide great jobs and benefits for more than 7,000 Minnesotans and their families, all while fueling the state's medical technology industry. With this expansion, we will continue to reap the benefits of Medtronic's continued growth and maintain leadership in this vital industry."
"Today marks more than the beginning of a new wonderful facility, it reflects on-going commitment to a 56-year partnership between Medtronic and the people of Minnesota," said Art Collins, Medtronic chairman and chief executive officer. "We're a Minnesota company and we're proud to embrace the ingenuity, values and work ethic that make this state great. Our roots run deep in Minnesota, and with this expansion, those roots grow even deeper."
The 820,000 square-foot, $65-million first phase will house up to 3,200 employees with an array of jobs including research and development, management, marketing, sales, finance and legal departments and all their support functions. Anchored by two eight-story buildings, the facility's first phase will be primarily dedicated to office space, but will include light mechanical, electrical and software labs to support CRM's research and development activities. Company officials anticipate the first phase will be completed in late 2007.
The facility is master planned to allow expansion up to 1.5 million square feet and could eventually house up to 6,000 employees.
"We're growing jobs in Minnesota faster than we can house the employees filling them," said Steve Mahle, executive vice president and president of Medtronic's CRM business. "The new CRM headquarters not only addresses our current and future growth, but anchors our presence in these great northern suburbs. Our new home will allow us to continue more than 50 years of work to alleviate pain, restore health, and extend life."
Medtronic currently operates 14 facilities in Minnesota with more than 7,000 full-time employees, more than half working for CRM. The company has hired more than 2,000 employees in the past five years - double its 1999 estimates - and projects to add another 285 new employees each year for the next seven years. The current average salary for Minnesota employees is $70,300, plus a competitive offering of benefits. Medtronic ranks as Minnesota's eighth largest employer among publicly-traded companies.
The Mounds View facility marks the second major expansion project in the past six years for the company. The 460,000-square-foot Corporate World Headquarters opened in Fridley in 2001.
Medtronic Cardiac Rhythm Management is the company's largest business, developing and marketing implantable pacemakers and defibrillators, monitoring and diagnostic devices and cardiac resynchronization devices, including the first implantable device for the treatment of heart failure. CRM also makes automated external defibrillators (AEDs).
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's Annual Report on Form 10-K for the year ended April 29, 2005. Actual results may differ materially from anticipated results.
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