CCX Media reported on Monday that Philips is looking to initiate an expansion at its facility in Plymouth, Minnesota.
The company’s Image Guided Therapy Corp. hopes to expand its facility at 5905 Nathan Lane N. in Plymouth. According to the City Council’s Sept. 24 agenda notes, it applied for state funds to help with the expansion, seeking out a Minnesota Investment Fund forgivable loan and a Job Creation Fund subsidy through the Minnesota Department of Employment and Economic Development.
“Due to continued growth, the company is in need of an expanded manufacturing and research and development space, including clean rooms and training facilities,” the agenda reads.
If authorized, the company would make an approximately $31 million investment in the Plymouth facility. The expansion would bump the facility’s total headcount from 282 positions to 440 over the next four years. Average salaries would be more than $100,000, the agenda says, and positions would have substantial benefits, including health, dental, vision, PTO and profit sharing/bonus opportunities.
Philips reportedly expects to decide by the end of the year. The company updated the Plymouth City Council on its plans at the Sept. 24 council meeting.
