Alter Technology Receives State Funding for Expansion in Plymouth
Plymouth, MN — Alter Technology, a leading semiconductor testing company, has secured $275,000 in state funding to support its expansion efforts, which include a significant investment of $4.5 million to establish a cutting-edge semiconductor testing facility. The funds are being provided through two programs managed by the Minnesota Department of Employment and Economic Development (DEED).
The project, expected to generate 15 new jobs over the next three years, underscores the company’s commitment to enhancing its capabilities in the semiconductor sector. Alter Technology, part of the Germany-based TÜV Nord Group, specializes in the rigorous testing of high-reliability semiconductors essential for various demanding industries, such as aerospace, medical equipment, and defense.
The funding consists of $175,000 from DEED’s Job Creation Fund, which supports new and expanding businesses that meet specific job creation and investment criteria, and $100,000 from the Minnesota Investment Fund, aimed at providing loans for capital equipment to help businesses grow and maintain quality jobs.
Alter Technology is considering leasing space at 15301 Highway 55 for this new facility. DEED Commissioner Matt Varilek highlighted the significance of this funding, noting that the department has aided the creation or retention of 4,750 jobs this fiscal year alone, marking a record year for job creation through DEED programs.
“Setting a new record for DEED-assisted business expansions says a lot about Minnesota’s healthy business environment,” Varilek stated, emphasizing the strong economic landscape supporting local businesses like Alter Technology.
With this expansion, Alter Technology is poised to strengthen its role in the semiconductor testing field, contributing to both local job growth and the state’s economy.
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