CC_Minutes_2018_0507 - Laserfiche WebLink

Home

Regular City Council Meeting Monday, May 7,2018 Page 12 Colder Products presented a 4-minute video providing an overview of the compa- ny. Brian Thompson, CFO for Colder Products Company, thanked staff for moving CPC through this process. He described the history of the company, noting it is the leading provider of quick disconnect couplings. Operations are currently in the U.S., Germany and China. The markets served are primarily bioprocessing medical device, which is two-thirds of CPC's business. Currently there are 3 fa- cilities in very close proximity together in the St. Paul area. The desire is for a 150,000 square foot headquarters. Customers are constantly demanding higher and higher levels of cleanliness in the production space. The goal is to be opera- tional in the springtime of 2019. CPC looked into two regions for a new head- quarters. Minimum wage increases are putting a lot of pressure on wages. An- other option is to expand the production in China. Roseville, however, is the pre- ferred site. The deal is contingent upon the incentives being discussed tonight; the ability to acquire the land at a fair price; and Board approval from the Dover Board of Directors. He also presented a preliminary drawing of the proposed headquarters. Member McGehee asked what type of work is being done in Minnesota. Mr. Thompson responded that a significant amount of engineering work is done in product development, engineering to customers' needs. There are welding pro- cesses and assembly operations that occur. Member McGehee asked whether CPC intends to turn this into a manufacturing facility. She is asking because she is interested in distribution as well. Mr. Thompson stated CPC is an engineering and a manufacturing company. Ver- tically integrating means extending manufacturing processes. Selling and distrib- uting out of the facility will continue to happen. It is typically small parcel UPS. There are larger trucks that do service the site, but the majority is small parcel. Member McGehee noted there are 192 salaried employees with an average salary given. She asked about what the median salary was for this group of 192. Mr. Thompson noted he does not know that, but he can make a guess of probably in the $80,000 range. Member McGehee expressed concern about CPC wanting to move out of Minne- apolis because of wages. Mr. Thompson noted the starting wage is in the $14 range. Minneapolis mini- mum wage has been increased to $20 an hour.