Global Med-tech Firm Eyes Plymouth for New ‘Center of Excellence’
A company headquartered in the Netherlands is eyeing its facility in Plymouth for expansion.
Philips Image Guided Therapy Corp., the med-tech division of Philips, is considering expanding its facility at 5905 Nathan Ln. N.
The company has applied for state funds to assist in that expansion. The funds sought through the Minnesota Department of Employment and Economic Development include a Minnesota Investment Fund forgivable loan and a Job Creation Fund subsidy.
Philips is considering Plymouth, as well as other locations outside of Minnesota.
If Plymouth is selected, Philips would make a $31 million investment at its Nathan Lane facility. It would also create more than 150 jobs over the next four years with average annual wages of more than $100,000.
The company expects to make a decision by the end of the year, though city officials are optimistic.
The Plymouth City Council received an update on the project at its Sept. 24 council meeting.
“Things seem to be moving in the right direction,” said Grant Fernelius, Plymouth’s community and economic development director. “It looks like Plymouth is in a favorable position.”
‘Center of Excellence’
Philips moved into the Plymouth facility in 2019 and has close to 300 employees there.
According to company officials, Philips wants to create a Center of Excellence for Medical Technology and Global Customer MedTech Training Center.
The facility would include manufacturing, R&D and training space. Customers could also explore medical products at the site.
“It is anticipated this portion of the project will bring up to 2,000 visitors to the chosen site annually,” said Manny Heer, senior manager of state and local government relations at Philips.
Silk Road Medical was the last company to expand in Plymouth after receiving state funds.
