The City of Maple Grove has agreed to provide $700,000 in tax increment financing for infrastructure improvements to the site and $250,000 in road improvements to handle the increased traffic. Company officials hint the expansion may end up being even larger once it debuts in September 2005.
"We have the potential to grow well beyond what we've scoped out today," says Paul LaViolette, head of the cardiovascular division. For instance, the local campus still has room for an additional 250,000 sf new space at beyond the new building.
The expansion is directly related to the company's new Taxus drug-coated stent, which has yet to hit the US market. Company officials say approval to sell the device in the US-—it is already being sold in Europe—-could come at any time from the federal Food and Drug Administration. When it does, the company is ready, with tens of thousands of the devices in inventory ready to ship out.
The company has also had a related hiring spree. Last year, it hired 570 workers and so far this year it has added an additional 192. The company now has about 3,000 employees in the Twin Cities spread between its facilities in Maple Grove and Plymouth. Over the next four years, the company plans to add 600 new employees to its Minnesota workforce.
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