The Minnesota Department of Employment and Economic Development said the state will provide nearly $13 million in business development funding to support the project, which will retain an estimated 2,000 jobs in the North Star State.
The news ends months of speculation over whether Solventum’s headquarters would stay in Minnesota.
Solventum was spun out of 3M in April and has been operating out of legacy locations at 3M’s headquarters campus in Maplewood, east of St. Paul. The plan is to expand into a state-of-the-art research and development facility in Eagan, a suburb south of Minneapolis and St. Paul.
According to the Star Tribune of Minnesota, the project will involve upgrading a former Blue Cross and Blue Shield facility in Eagan.
“Solventum’s expansion reinforces Minnesota’s track record as a globally recognized leader in manufacturing, health care innovation, and medical technology,” said Minnesota Gov. Tim Walz, who is also the Democratic nominee for vice president. “We’ve worked with Solventum every step of the way on this announcement, retaining thousands of high-paying jobs and expanding opportunities for innovation, ensuring Minnesota remains the best state in the nation for healthcare.”
Solventum CEO Bryan Hanson said, “Minnesota’s support was instrumental in our decision to reinvest in the Twin Cities area. We look forward to continued growth as a global healthcare leader and a strong partnership with the State and City of Eagan.”
With $8 billion in annual revenue and 22,000 employees, Solventum is the 18th largest medical device company in the world, according to the latest edition of our Medtech Big 100 report.
