Boston Scientific
(NYSE: BSX)
is planning an expansion outside Minneapolis for a new divisional headquarters campus.
The Marlborough, Massachusetts-based medical device manufacturer is working on the $170 million expansion with the Minneapolis suburb of Maple Grove and the Minnesota Department of Employment and Economic Development (DEED).
The project’s backers were using the code name “Black Bear” as an alias to hide the company’s identity, but Finance & Commerce published a report today confirming the medtech manufacturer’s involvement.
Boston Scientific plans to move Maple Grove and Minnetonka employees in its peripheral interventions, interventional cardiology therapies, Watchman and urology businesses to the new location, a spokesperson told MassDevice.
Boston Scientific was also considering sites in Marlborough and Alpharetta, Georgia, and would have moved 1,000 jobs from Maple Grove if the city lost the project, according to City of Maple Grove documents cited by the Minneapolis/St. Paul Business Journal.
Boston Scientific wants public subsidies for the new campus, including a $4.25 million loan from the state, of which $3.25 million could be forgiven if the project creates enough high-paying jobs. The project might also be eligible for $1.75 million from the state’s job creation fund. The city of Maple Grove has already agreed to provide $4.5 million in tax increment financing for the project.
“Across Boston Scientific, we continuously align our real estate and workspace to support our business strategy as well as our growth,” the company said in a statement. “As part of that ongoing process, we are planning to construct a new facility in Maple Grove, Minnesota. While our project plans have not yet been finalized with the State of Minnesota, the new construction of an additional site can enable growth by adding workspace and further collaboration opportunities for our teams.”
The three-to-four-story building would total 400,000 f² for offices, R&D labs and customer training space. The approximately 40-acre site in the Maple Grove gravel mining area is near Interstate 694 and Highway 169. Project plans show there’s room for a future 150,000 f² expansion.
Construction could begin as soon as this fall, and within three years, the project is expected to create 177 jobs with an average hourly wage of $65.
Boston Scientific is already Maple Grove’s largest employer, with around 4,000 people working in the city. In recent years the company’s been expanding its four-building campus near Interstate 94 and Weaver Lake Road.
Boston Scientific is the 12th-largest medical device company in the world, according to Medical Design & Outsourcing‘s annual ranking by revenue. The company reported employing around 45,000 people at the end of 2022, up from 41,000 a year before
Related: 5 keys to Mike Mahoney and Boston Scientific’s success
This post was originally published on July 26, 2023, and updated Nov. 17 with more details about which employees would move to the new building.
