St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced plans to expand its presence in Plymouth, Minn. with a construction project designed to expand its current facilities and consolidate operations for the company’s Cardiovascular Division.
The St. Jude Medical board of directors recently approved plans to add a three-story, 275,000 square foot addition to its existing Plymouth building located at 5050 Nathan Lane, consolidating the company’s current Cardiovascular Division leased locations in Minnetonka and Maple Grove with existing operations at the site. The company expects the construction to be completed during 2013.
“Because many of the future growth opportunities for St. Jude Medical are expected to arise from devices in the Cardiovascular Division, we’re excited to develop a Plymouth Campus that will not only help streamline operations and business activities, but also bring employees together under one roof,” said Frank J. Callaghan, president of the St. Jude Medical Cardiovascular Division. “This expansion is viewed as a consolidation and space solution for the company, but also acknowledges a need for adequate space to house our growing business in the years ahead.”
Designs for the Plymouth campus capture the look and feel of other St. Jude Medical buildings, including the company’s Corporate headquarters in St. Paul as well as other new buildings in Brazil and Costa Rica. In line with those facilities, the expansion is expected to incorporate environmentally responsible and sustainable design. St. Jude Medical has also planned for long-term growth at the Plymouth Campus with additional site upgrades that can be added at a later date. The Company’s headquarters and Atrial Fibrillation Division site in Little Canada can also be expanded in the future.The current building in Plymouth is comprised of 205,000 square feet of space located on 26 acres of land. The site formerly served as the headquarters of AGA Medical, a company acquired by St. Jude Medical in 2010.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV