Polaris Industries Inc. began construction on a 144,000 square foot expansion that will double the size of its 126,000 square foot Product Development Center, and research and development facility, in Wyoming, Minnesota, creating capacity for up to 350 additional employees.
The manufacturer of all-terrain vehicles, side-by-side vehicles, snowmobiles, motorcycles and on-road electric-hybrid powered vehicles currently employs about 375 engineers and support employees at the Wyoming facility.
This new space will provide large work bays for off-road vehicles, flexible conference and display space, a new electrical lab and a new EMI room. The extra space will also allow expansion of the cafe and kitchen and add a new parking lot for additional employees, the company said.
As an incentive to encourage the project, the Minnesota Department of Employment and Economic Development provided a $400,000 forgivable loan from the Minnesota Investment Fund. In order to meet the terms of the loan agreement, Polaris has committed to create 150 permanent jobs within two years. Polaris is also eligible to receive JOBZ tax exemption benefits.
"Polaris is a venerable Minnesota company that employs more than 5,000 people and is enjoying strong sales," said DEED Commissioner Mark Phillips. "The new space will relieve overcrowding at the existing facility and keep the company's job growth in Minnesota."
"Greater Minneapolis St Paul Regional Economic Development Partnership is happy to be able to coordinate the involvement of Polaris, Chisago County, the city of Wyoming and the Department of Employment and Economic Development to compile a package of financial incentives to help Polaris expand. A combination of job training support, infrastructure improvements, R&D credits and other incentives provided a unique opportunity for Polaris' project," said GREATER MSP CEO Michael Langley.
"Opening the Wyoming facility seven years ago reinforced Polaris' dedication to leading through innovation," said Scott Wine, Polaris CEO. "Continuously improving our technology, and incorporating those advances into our vehicles, is the cornerstone of our success, and expanding our Product Development Center paves the way for its future contributions."
"We are thankful for our continued partnership with Polaris, and excited that they chose to expand operations here in Minnesota," DEED Commissioner Phillips said. "This investment is an important boost to the local economy and will help maintain Polaris' place as an industry leader and innovator."