Plymouth’s Alter Technology Awarded State Funds To Grow Jobs
Correction: A previous version incorrectly stated the company’s address. This will be the company’s first U.S. location.
A Plymouth technology company has been awarded state job funds to help with expansion and job growth.
Alter Technology will invest $4.5 million dollars to set up a state-of-the-art semiconductor testing facility. The company will receive $275,000 from two state jobs programs to help in the expansion. This will be Alter Technology’s first U.S. location, city officials said.
The project is expected to create 15 jobs within the first three years.
The Minnesota Department of Employment and Economic Development (DEED) provided $175,000 from its Job Creation Fund, which provides financing to new and expanding business that meet certain job creation and capital investment targets.
DEED also awarded $100,000 from its Minnesota Investment Fund, which provides loans for capital equipment to help businesses add new workers and retain high-quality jobs.
According to documents previously submitted to the city, Alter Technology is considering leasing space at 15301 Highway 55 for the new testing facility.
Alter Technology, a subsidiary of Germany-based TÜV Nord Group, specializes in testing for high-reliability semiconductors, which must withstand extreme temperatures for long periods of time.
According to the company’s website and state documents, Alter Technology tests electrical, electronic and electro-mechanical components that serve the aerospace, medical equipment, non-classified defense and industrial markets.
The funds awarded were part of a record year in job creation by DEED programs, officials said. DEED Commissioner Matt Varilek said those programs helped create or retain 4,750 jobs this fiscal year.
“Setting a new record for DEED-assisted business expansions says a lot about Minnesota’s healthy business environment,” said Varilek.
