Companies Plan Expansion, Job Growth in Plymouth
Two companies are planning to grow jobs in Plymouth. Sunnyvale, Calif.-based Silk Road Medical plans to lease a facility and create nearly 70 new jobs. Another, Energy Management Collaborative, plans to add dozens of workers to its existing facility.
Silk Road Medical Plans Plymouth Facility
The city of Plymouth has the most medical device companies in Minnesota. It now plans to add another.
According to city documents, Silk Road Medical plans to lease approximately 30,000 square feet at an unnamed site to establish a new medical device manufacturing facility. The company makes a minimally invasive stent to treat carotid artery disease. Its device replaces open arterial stenting.
“This is very exciting, because up until now, you had to have an operation to open your carotid artery,” said Plymouth City Council member Jim Prom at its April 13 meeting.
At the meeting, the Plymouth City Council approved an application on the company’s behalf seeking state DEED funds to help with the move and meet certain job targets.
Silk Road Medical has plans to add 67 new jobs in Plymouth over the first two years. Those jobs would have an hourly wage of more than $40 an hour plus benefits.
If it meets the job hiring goals, Silk Road Medical could qualify for up to $450,000 from the Minnesota Investment Fund and $175,000 from the Minnesota Job Creation Fund, said Danette Parr, Plymouth’s economic development manager.
EMC Expects to Add 75 Jobs
Another Plymouth company, Energy Management Collaborative, also plans to add jobs. The lighting technology company, also known as EMC, moved to a new facility at 2890 Vicksburg Ln. N. in 2018. EMC had hoped for a rapid expansion. However, the COVID-19 pandemic impacted business.
But now the company is ready to move forward with new product lines coming to market. EMC expanded to an adjacent space anticipating further growth. It added 10 jobs this year and aims to add another 75 jobs by the end of the year.
“I believe that 75 people that are required for the end of 2021 to hit our goal is what we’re shooting for. I’d be surprised if we come up less than that,” said Robert Conley, director of finance for EMC.
At its April 13 meeting, the Plymouth City Council approved a one-year extension to an agreement for the company to receive state funds if it meets certain job goals.
Danette Parr with the city of Plymouth says there’s no financial impact to the city for approving a company’s application seeking state job funds.
In 2017, Parr said EMC qualified for $840,000 through the state, but had to pay back $463,500 because it was unable to meet job creation goals by April 30, 2020.
“When those numbers can’t be met, then the business has to pay back with interest,” said Parr.