MN: Sil-Pro to Invest $11M to Expand in Delano, Hire 104
11 Feb, 2016
Contract medical device manufacturer Sil-Pro LLC is planning an $11 million expansion of its corporate campus in Delano.
The company, which specializes in developing and manufacturing silicone and thermoplastic medical devices and components, plans to add 57,000 square feet to an existing building at 751 Seventh St. S. Sil-Pro expects to create 104 jobs paying an average wage of $19.60 an hour within three years.
The Minnesota Department of Employment and Economic Development (DEED) is assisting the company with the expansion with $790,000 from the Job Creation Fund.
Sil-Pro also was approved in November for a $750,000 low-interest loan from DEED’s Minnesota Investment Fund. That funding was awarded for equipment purchases. Under terms of the loan, the company agreed to create 32 jobs.
“Minnesota’s medical device industry supports nearly 30,000 jobs statewide, while attracting over $300 million in private medical device investment each year,” said Lt. Gov. Tina Smith. “Sil-Pro’s expansion will create more good jobs for Minnesotans and further strengthen Minnesota’s position as a medical device industry leader.”
“The latest project is great news for Delano and for Wright County,” said DEED Commissioner Katie Clark Sieben. ”Sil-Pro is a rapidly growing company that is bringing good-paying jobs to the community.”
Businessman Lee Carver, who spent more than 40 years in the rubber and silicone industries, launched Sil-Pro in 1998. The company originally had two employees and specialized in silicone injection molding. The business today has more than 250 workers and a customer base that includes Boston Scientific, 3M and Johnson & Johnson. Lee Carver’s son, Kevin Carver, is company president.
The Job Creation Fund is a pay-for-performance program that provides funding 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.
Since the Job Creation Fund was launched in January 2014, DEED has awarded $29 million for 58 business expansion projects in Minnesota. Companies have committed to creating 3,779 full-time jobs and investing $597.2 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 the DEED website (http://mn.gov/deed) or go to our Twitter account (http://twitter.com/mndeed).