Medtronic Plans $6M, 150-Job Puerto Rico Expansion
Medtronic, Inc.—a med-tech company that designs, manufactures, and distributes medical devices globally—will invest $6 million in two of its manufacturing plants in Puerto Rico and will add 150 jobs there over the course of three years, according to a Puerto Rico government agency.
The Fridley-based company did not immediately respond to Tuesday morning inquires about its expansion.
Medtronic operates three locations in Puerto Rico, and the investment is meant to advance its medical device technologies, according to the Puerto Rico Industrial Development Company (PRIDCO), a San Juan-based government-owned corporation that oversees the region’s industrial operations.
According to PRIDCO, 100 of the 150 new employees will be added to Medtronic’s manufacturing plant in Juncos, Puerto Rico. Those employees will work on new technology for diabetes patients, specifically an implantable sensor that allows for the continuous monitoring of a patient’s glucose levels.
The other 50 employees will work at Medtronic’s manufacturing plant in Humacao, Puerto Rico, where they will develop new technology for patients with cervical disc disease, and specifically a device used in procedures related to cervical spine issues.
“Medtronic’s expansion, investment, job creation, and technological renovation demonstrate that this administration is fulfilling its commitment to strengthen our manufacturing industry, a sector that produces thousands of high-paying jobs, a vast majority of our exports and a significant portion of our gross domestic product,” Alejandro GarcÃa Padilla, the governor of Puerto Rico, said in a statement.
Twin Cities Business recently spoke with Omar Ishrak, Medtronic’s chairman and CEO, for its December “Interview Issue.” Click here to read the story.
Medtronic currently employs approximately 46,700 worldwide. The company reported $16.6 billion in revenue for the fiscal year that ended April 26—a 2.5 percent increase from the prior year. Medtronic is among Minnesota’s 10-largest public companies based on revenue.