St. Jude Medical plans to consolidate its cardiovascular unit and expand its presence in Plymouth, Minn. with an new expansion.
St. Jude Medical Inc. (NYSE:STJ) plans to more than double its Plymouth, Minn. presence with a 3 floor, 275,000 square foot addition to its 5050 Nathan lane building.
Along with the build, the medical device giant plans to consolidate its cardiovascular unit to the new Plymouth campus. The company's cardiovascular division currently leases locations in Minnetonka, Minn. and Maple Grove, Minn.
"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," Frank Callaghan, president of the St. Jude Medical cardiovascular, division said in prepared remarks.
The current Plymouth location served as the former headquarters of AGA Medical, which St. Jude acquired in 2010 for $1.03 billion.
The price tag also landed the St. Paul-based medical device maker AGA Medical's Amplatzer technology, a catheter-based treatment designed to close the patent foramen ovale, a congenital defect that leaves an opening in the atrial septum separating the upper 2 chambers of the heart.
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