All around the world, industrial facilities are being transformed by industrial Internet of Things (IoT) programs.
Internet of Things: All of your physical devices; your car, your washing machine, your refrigerator, connected with electronics, software, and sensors to a network that allows them to exchange data: Reorder products, tell you when they’re low, etc.
At the forefront of this transformation is Emerson, a global technology and engineering company. Emerson will further their production capacity by pumping $15 million into its Rosemount measurement and analytical equipment manufacturing facilities in Chanhassen. Specifically, the adoption of wireless and pervasive sensing applications is driving Emerson’s growth.
Emerson acquired Rosemount back in 1976. Rosemount was founded in 1956 as the Rosemount Engineering Co., and specialized in the production of niche equipment for aerospace and defense industries. Among its earliest customers were NASA and the United States Air Force.
Coupled with Emerson’s own investment, the Minnesota Department of Economic Development (DEED) will be supporting the project with the injection of grant money totaling $850,000 from the Job Creation Fund. Along with this grant is a forgivable loan from the Minnesota Investment Fund in total of $450,000.
The commisioner of DEED, Shawntera Hardy had this to say about the participation of DEED and Emerson’s growth; “Emerson is a leading producer of smart instrumentation and other technology for customers in refining, oil and gas, and other industries. We thank the company for its commitment to Minnesota and for bringing new jobs to Chanhassen.”
The new expansion should result in the addition of 80 new manufacturing positions and support jobs, at an average salary of $27.02/hr, over the next three years for Minnesota residents. The expansion will entail the converting of 30,000 square feet of office space into the new manufacturing area.
The Job Creation Fund, which was first proposed by Gov. Mark Dayton in 2013, is a pay-for-performance program that provides funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance in the Twin Cities metro and create at least five full-time jobs and invest at least $250,000 in Greater Minnesota.
Since the Job Creation Fund was launched in January 2014, DEED has awarded $33.7 million for 74 business expansion projects in Minnesota. Companies have committed to creating 4,610 full-time jobs and investing $942.4 million to expand.
For more information about the Job Creation Fund, click right here.
More information about the Minnesota Investment Fund can be found here.
(All information obtained for this article was from this press release)
