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Plymouth’s Alter Technology Awarded State Funds To Grow Jobs
A Plymouth technology company has been awarded state job funds to help with expansion and job growth.
Alter Technology will invest $4.5 million dollars to set up a state-of-the-art semiconductor testing facility. The company, which is located at 3850 Annapolis Ln. N., will receive $275,000 from two state jobs programs to help in the expansion.
The project is expected to create 15 jobs within the first three years.
Matt Varilek -DEED Commissioner
The Minnesota Department of Employment and Economic Development (DEED) provided $175,000 from its Job Creation Fund, which provides financing to new and expanding business that meet certain job creation and capital investment targets.
DEED also awarded $100,000 from its Minnesota Investment Fund, which provides loans for capital equipment to help businesses add new workers and retain high-quality jobs.
According to documents previously submitted to the city, Alter Technology is considering leasing space at 15301 Highway 55 for the new testing facility.
Alter Technology, a subsidiary of Germany-based TÜV Nord Group, specializes in testing for high-reliability semiconductors, which must withstand extreme temperatures for long periods of time.
According to the company’s website and state documents, Alter Technology tests electrical, electronic and electro-mechanical components that serve the aerospace, medical equipment, non-classified defense and industrial markets.
The funds awarded were part of a record year in job creation by DEED programs, officials said. DEED Commissioner Matt Varilek said those programs helped create or retain 4,750 jobs this fiscal year.
“Setting a new record for DEED-assisted business expansions says a lot about Minnesota’s healthy business environment,” said Varilek.
SOURCE: CCX MEDIA
