North Ramsey News

SAINT PAUL, MN - Governor Tim Walz today announced ForwardEdge ASIC, a subsidiary of the internationally renowned American aerospace company Lockheed Martin, plans to create at least 100 jobs in Saint Paul and invest $60 million in the community.

ForwardEdge ASIC LLC (NAICS 334413) is a microelectronics design startup and makes application specific integrated circuits (ASICs). ForwardEdge has signed a lease in Saint Paul and has begun recruiting new employees. All of FowardEdge’s job openings will be posted on the State of Minnesota’s CareerForce website. ForwardEdge will also connect with local universities – including the University of Minnesota, St. Thomas University, and Metropolitan State University – to recruit and train new employees.

"Lockheed Martin considered multiple U.S. sites for this project but ultimately chose to expand in Saint Paul," said Governor Tim Walz. "The company's decision is a testament to the area's world-class talent and access to business supports and infrastructure. This expansion is tremendous news for Minnesota’s economy and workforce."

The State of Minnesota is supporting the ForwardEdge expansion with $800,000 from the Department of Employment and Economic Development’s (DEED) Minnesota Investment Fund (MIF) program and $500,000 from the Job Creation Fund (JCF) program.

“Forward Edge ASIC is an investment in the defense industrial base right here in Minnesota,” said Jay Malave, chief financial officer at Lockheed Martin. “Saint Paul’s high-skilled labor force will lead our industry with secure, customer-focused microelectronics that meet or exceed mission expectations.”

The MIF award, made in the form of a forgivable loan, will be administered by the City of Saint Paul. To qualify for funding, ForwardEdge must create and maintain at least 113 jobs over the next two years – with pay ranging from $40 to $70 per hour. All 100+ jobs are anticipated to be professional level research and development positions including managerial and engineer level positions. The project is also eligible for the capital investment rebate for renovations to an existing building, which would be rebated up to 5% under the JCF program.

"This is an exciting opportunity to support business expansion and job creation in our city," Saint Paul Mayor Melvin Carter. "This investment supports our local and statewide vision of being a technology hub attractive to our 21st century workforce."

DEED’s Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Eligible companies may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements. In some cases, companies may receive awards of up to $2 million.

DEED’s Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs with a focus on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve Minnesota's economic vitality. Funds are awarded to local units of government who provide loans to assist expanding businesses.

Original source can be found here.