MN: Smiths Medical to Move to New Corporate HQ
22 Dec, 2014
Smiths Medical, a leading global medical device manufacturer, announces plans to move the company’s global headquarters to a new facility in Plymouth, Minn., from its existing location in Arden Hills, Minn. The transition process is expected to begin in 2015 and be completed in 2016.
The headquarters relocation is part of the company's strategy to locate its corporate headquarters and non-manufacturing staff in a single location. The Plymouth site was selected after conducting a thorough search for suitable headquarters space.
The Plymouth facility is a vital part of achieving the future vision for the business, and the company is very pleased to have been able to structure a long-term transaction with CPA®:17 – Global, a non-traded real estate investment trust (REIT) managed by New York-based global REIT, W. P. Carey Inc.
“This facility will allow us to consolidate our global headquarters functions and personnel, as part of a broader initiative to improve co-location, collaboration, cost, and productivity,” said Jeff McCaulley, President and CEO, Smiths Medical. “The new facility will allow us to create a modern and engaging work environment, while the decision to consolidate in the Twin Cities allows us to capitalize on the great talent and business environment in the region."
Plymouth is also home to many large corporations in the Minneapolis/St. Paul metro area and within the top ten largest communities in Minnesota. More than 400 employees currently at the St. Paul location along with employees from outside of Minnesota will be relocating to the new facility in Plymouth beginning in 2015.
Smiths Medical’s planned Headquarters move is a strong testament to the Greater MSP region and its med tech industry strengths,” said Michael Langley, CEO, Greater MSP. “The company’s commitment to remain in Minnesota reflects the quality of our talented workforce.”
During its search for a new Corporate Headquarters location, Smiths Medical met with State officials, including Governor Mark Dayton, to discuss possible State assistance and has applied for both the Minnesota Investment Fund and the Minnesota Job Creation Fund. The Job Creation Fund, which was first proposed by Governor Dayton to encourage job growth in Minnesota, is a new pay-for-performance program that provides expansion support funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments.
“Minnesota is known around the world for its medical technology sector, thanks to the presence of companies like Smiths Medical,” said DEED Commissioner Katie Clark Sieben. “The company’s decision to bring jobs to Minnesota and invest in its operations here is good news for the industry and the state.”
Since the Job Creation Fund was launched in January, DEED has awarded $13.3 million to 26 companies in Minnesota. Those companies have committed to creating more than 1,356 new full-time jobs and plan to invest more than $251 million to expand.
About Smiths Medical
Smiths Medical ( www.smiths-medical.com ) is a leading supplier of specialized medical devices and equipment for global markets, focusing on the medication delivery, vital care and safety devices market segments. It is part of Smiths Group (www.smiths.com), a global leader in applying advanced technologies for markets in threat and contraband detection, energy, medical devices, communications and engineered components. Smiths Group employs around 23,000 people in more than 50 countries.
About Greater MSP
The Minneapolis Saint Paul Regional Economic Development Partnership
GREATER MSP is a private-public partnership with the mission to accelerate job growth and capital investment in the Greater MSP Region. It partners with economic development organizations throughout the region to develop strategy, brand and market the region, and serve as coordinator for business retention, expansion, and recruitment projects. Learn more at www.greatermsp.org .
About the Department of Economic Development
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 .