DEED Grants $500,000 to Emerson for 100 MN Jobs
The Minnesota Department of Employment and Economic Development (DEED) announced Wednesday that it has awarded $500,000 to Emerson Process Management, an automation technology company that will add 100 jobs at its Minnesota operations.
Emerson's Rosemount business-based in Chanhassen-was awarded the forgivable loan through DEED's Minnesota Investment Fund, which provides grants to help companies expand operations and add workers. Emerson is not required to pay the loan back if it meets its hiring commitments.
Rosemount will use the money as part of its $40 million expansion, which includes adding new equipment and building renovations. The expansion will enable the company to add 100 “highly skilled professional” jobs to its Eden Prairie facility, according to DEED.
“The Minnesota Investment Fund has been crucial in helping Minnesota companies grow and create jobs over the years,” DEED Commissioner Mark Phillips said in a statement. “This latest round of funding will create skilled, highly paid positions that will contribute to the economic vitality of Minnesota.”
Emerson Process Management, which has about 2,000 employees in Minnesota, manufactures energy controls for industries such as oil and gas, power, chemical, refining, alternative fuels, and life sciences. It is a subsidiary of St. Louis, Missouri-based Emerson, a global manufacturing and technology company with $21 billion in annual revenue and 127,700 workers worldwide.
DEED's Minnesota Investment Fund is a job creation program that focuses on industrial, manufacturing, and technology-related industries. The program's goal is to increase the local and state tax base and improve economic vitality statewide.