Polaris Expanding MN R&D Plant, Aims to Hire Up to 350
Medina-based Polaris Industries, Inc., plans to more than double the size of its research and development facility in the central Minnesota city of Wyoming.
The company will break ground next week on the 144,000-square-foot expansion and expects to complete it by late summer 2013, Polaris spokesman Ben Maurer told Twin Cities Business on Thursday. The addition will include about 70,000 square feet of office space and 74,000 square feet of industrial space. The current facility spans 126,000 square feet.
The plant, located about 30 miles north of the Twin Cities, opened in April 2005. About 350 engineers and engineering support employees now work at the facility, where they design and test snowmobiles, all-terrain vehicles (ATVs), and motorcycles.
Maurer said that the expansion will accommodate an additional 350 employees, and the company aims to hire and fill the facility to capacity “over time.” Maurer declined to disclose a specific timeline for the hiring.
Spokeswoman Marlys Knutson told the Pioneer Press that the current facility is “way overcrowded,” and the expansion is needed for “existing employment plus future growth.”
Polaris has tapped Minneapolis-based Ryan Companies US, Inc., to build the addition.
The company, which employs about 5,000, has seen strong sales of its off-road vehicles in recent years. In July, the company reported record second-quarter profits and revenue and raised its full-year forecast. For the quarter that ended on June 30, the company earned $69.8 million, or 98 cents per share—up 43 percent from the same quarter last year. Revenue for the quarter totaled $755.4 million, representing an increase of 24 percent over last year’s second-quarter sales. Revenue for 2011 totaled $2.6 billion, up 36 percent from 2010.
Polaris is among Minnesota’s 25-largest public companies based on annual revenue.