MN: Polaris to Invest $20M to Expand, Add 100 Jobs
6 Aug, 2014
Polaris Industries Inc., manufacturer of innovative, high quality off-road vehicles, including all-terrain vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles, is creating 100 new jobs in conjunction with a $20 million office expansion project in Plymouth.
The Medina-based company said it will purchase and renovate an existing 120,000-square-foot building that will house off-road vehicles including military and commercial, parts, garments and accessories and related businesses, sales, sales operations, dealer development, corporate marketing, Polaris acceptance, financial services, information systems and the interactive team. About 400 employees, many of whom are currently located at other local Polaris sites, are expected to work in the building.
The Minnesota Department of Employment and Economic Development (DEED) is assisting with the expansion with $800,000 from the Minnesota Job Creation Fund. Polaris will receive the funding once it has completed the expansion and added the jobs.
“We are grateful to the state of Minnesota for their support as we continue to invest in our shared future,” said Bennett Morgan, president and chief operations officer. “This additional facility will give us room to address both current and future business needs as we continue to experience record growth and build on our 60-year history of working in Minnesota.”
The Job Creation Fund, which was first proposed by Governor Mark Dayton to encourage job growth in Minnesota, will award $24 million in business incentives that were approved in the 2013 legislative session. Officials said the program is helping the state to compete for new jobs and businesses.
“Minnesota has been home to Polaris for nearly 60 years,” said Governor Dayton. “During that time, the company’s continued expansion has created thousands of new jobs for hard-working Minnesotans. I congratulate Polaris on its tremendous success.”
“Polaris is a homegrown Minnesota business that was an early pioneer in designing and manufacturing snowmobiles,” said DEED Commissioner Katie Clark Sieben. “We’re proud of what Polaris has accomplished over the past 60 years and congratulate the company on its latest expansion.”
Polaris, a publicly traded company with annual sales of $3.8 billion, began in Roseau in 1954 with the debut of a vehicle that could travel on snow. That vehicle –the company’s first snowmobile – was sold to Roseau lumberyard owner "Silver Pete" H.F. Peterson for $465 in order to meet company payroll.
Over the next 60 years, the company expanded production from snowmobiles to all-terrain vehicles, side-by-side vehicles, motorcycles and on-road electric/hybrid powered vehicles. In addition to its corporate headquarters in Medina, Polaris has operations in Roseau and Wyoming, Minn.; Spirit Lake and Milford, Iowa; Vermillion, S.D.; Osceola, Wis.; and Monterrey, Mexico. The company has more than 5,000 employees.
The Minnesota Job Creation Fund is a new pay-for-performance program that provides up to $1 million 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.
The program is available to businesses engaged in manufacturing, warehousing, distribution, technology and other eligible activities. Companies must work with the local government (city, county or township) where a project is located to apply to DEED to receive designation as a Job Creation Fund business.
Since the Job Creation Fund was launched in January, DEED has awarded more than $11.3 million to 18 companies in Minnesota. Those companies have committed to creating nearly 1,300 new jobs and investing $215 million to expand.
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 our services, visit us at http://mn.gov/deed/ . Follow us on Twitter at twitter.com/mndeed .