Navarre Corporation, the distribution and supply-chain interest once based in New Hope that was one of Minnesota's 50 largest public companies, is moving its headquarters to Dallas.
Twin Cities Business reports that Navarre officially disclosed Monday its plans to move to Texas. The company also said Terry Tuttle is its new CFO, succeeding Diane Lapp, who didn't want to make the move from Minnesota.
The writing has been on the wall for quite some time, with the company telling state officials with Minnesota's department of economic development in March that it was laying off some 150 employees and leaving New Hope. The last day for Minnesota employees was to be June 10.
Speculation was then that the company would relocate to Ohio, given that its division called SpeedFC had been in Columbus since 2006. The state of Ohio approved an eight-year, 50 percent tax credit to SpeedFC in return for the company’s pledge to create 250 jobs with an annual payroll of $6 million.
Navarre had planned to build a $5.3 million facility, expanding its operations by 500,000 square feet. The relocation announcement comes a couple of months after SpeedFC said it would invest $3.2 million in the Ohio expansion, according to Twin Cities Business.
By choosing Dallas, however, Navarre is relocating to the home city of SpeedFC, a company that Navarre acquired for $50 million in November, according to TCB.
No word from the company on whether any jobs will stay in Minnesota.