Emerson Process Management has agreed to hire 100 high-skilled workers for its Eden Prairie facility after securing a $500,000 renovation loan from the Minnesota Department of Employment and Economic Development.
The loan will help Emerson with some of the costs associated with a $40 million renovation of the company's Rosemount Inc. subsidiary in Eden Prairie. Building and equipment upgrades are on tap and state officials wanted to ensure that jobs were as well.
DEED's $500,000 loan is part of the Minnesota Investment Fund (MIF). It will be a "forgivable loan," meaning that it won't have to be re-paid, provided the Rosemount division actually hires 100 high-skilled workers and retains them for a certain period of time.
Economists noted that the engineering and IT jobs the loan might generate could be good for the state, but said the payback remains to be seen, especially at a time when roughly 200,000 Minnesota remain unemployed.
Undeterred, DEED Commissioner Mark Phillips praised the loan as a "crucial" job creating tool that helps Minnesota companies grow. "The latest round of funding will create skilled, highly paid positions that will contribute to the economic vitality of Minnesota," he said.
Emerson provides automated technologies to the oil, gas, paper and chemical industries. It currently has 2,000 workers in Minnesota and 127,000 workers worldwide. Emerson's parent company is based in St. Louis.
