Medtronic wins $1.6 million aid package to create jobs in Florida

August 17, 2011 by MassDevice staff

The Jacksonville City Council approved a $1.6 million aid agreement to lure Medtronic into expanding its surgical facility, which may add 175 jobs in the area.

Medtronic

Medtronic Inc. (NYSE:MDT) landed a $1.6 million aid package from the Jacksonville City Council, which is hoping the company will expand its Medtronic Xomed surgical technology facility.

"This is exactly the kind of thing we need to be doing in Jacksonville," Councilman Bill Bishop told members of the Rules Committee during the voting meeting, calling Medtronic a "tremendous corporate citizen."

The Minneapolis, Minn.-based med-tech giant began courting Florida for $2.5 million last month to help it make up its mind between opening facilities in Fort Worth, Texas, or expanding its operations in the Sunshine State.

The company has promised that to create 175 new jobs with an average salary of $80,000 per year, adding to the 600 people already employed by Medtronic in Florida.

Through the state's Qualified Target Industry program, which reimburses businesses for creating high-wage jobs, Medtronic could collect up to $980,000 in state funds and $245,000 in city money once the 175 jobs are created, the Florida Times-Union reported.

Medtronic ranked 5th on the MassDevice Big 100 list of the world's largest medical device companies.

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