Emerson, a global technology and engineering company, will invest $15 million to renovate its Chanhassen manufacturing facility to increase production capacity of its Rosemount measurement and analytical equipment. Emerson’s growth is tied to the adoption of wireless and pervasive sensing applications that enable the Industrial Internet of Things (IoT) programs, which are transforming global industrial facilities around the world.
Emerson will convert 30,000 square feet of offices into manufacturing space at the facility.Officials expect to hire 80 new manufacturing and manufacturing support jobs over the next three years, paying salaries that average $27.02 an hour.
The Minnesota Department of Employment and Economic Development (DEED) is supporting the project with an $850,000 grant from the Job Creation Fund and a $450,000 forgivable loan from the Minnesota Investment Fund.
“Emerson is a leading producer of smart instrumentation and other technology for customers in refining, oil and gas, and other industries,” said DEED Commissioner Shawntera Hardy. “We thank the company for its commitment to Minnesota and for bringing new jobs to Chanhassen.”
Emerson acquired Rosemount in 1976. Founded in 1956, Rosemount Engineering Co. specialized in precision products for the aerospace and defense industries. NASA and the U.S. Air Force were among the company’s early customers.
The Job Creation Fund, which was first proposed by Gov. Mark Dayton in 2013, is a pay-for-performance program that provides funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance in the Twin Cities metro and create at least five full-time jobs and invest at least $250,000 in Greater Minnesota.
Since the Job Creation Fund was launched in January 2014, DEED has awarded $33.7 million for 74 business expansion projects in Minnesota. Companies have committed to creating 4,610 full-time jobs and investing $942.4 million to expand.
Go to the DEED website for more details about the Job Creation Fund.
The Minnesota Investment Fund awards loans that businesses can use for improving their operations and hiring additional workers. Program funds are disbursed to local governments and then provided as loans to businesses. Last year, the program awarded $16.5 million in loans to 19 businesses. Those businesses committed to creating more than 1,500 jobs and investing nearly $500 million.
The DEED website has additional information about the Minnesota Investment Fund.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow us on Twitter.