IN: Precision Medical Technologies to Invest $5M to Expand, Hire 60
30 Nov, 2017
Precision Medical Technologies, a contract manufacturer of orthopedic implants and instruments, announced to expand its operations to Wabash County, Indiana, creating up to 60 new jobs by 2022.
"Indiana's reputation as the orthopedics capital of the world is made possible because of growing companies like Precision Medical Technologies," said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). "By leveraging our sound fiscal policies and pro-growth business environment, Indiana delivers the resources and the people that companies need. We look forward to witnessing Precision Medical Technologies' success."
The company, which already has facilities in Kosciusko and Noble counties, will invest nearly $5 million to expand its operations, purchasing and renovating a 9,000-square-foot manufacturing space at 400 Beckley St. in North Manchester. The site will house CNC machinery and related equipment to support the company’s new operations for disposable surgical instruments, and the company's current manufacturing implants and reusable instruments operations will continue at its existing sites in Warsaw and Rome City, Indiana. Renovations are underway, allowing the company to be fully operational in the new facility and to launch into the disposable instrument market at the beginning of 2018.
Precision Medical Technologies currently employs more than 140 associates at its two locations in Indiana. The company plans to begin hiring for engineering, quality assurance, finishing, scheduling and CNC machinists positions for the North Manchester facility at the beginning of 2018. These new positions are expected to offer average salaries 24 percent higher than the Wabash County average wage. Interested applicants may apply online.
"We at Precision Medical Technologies are looking forward to establishing our third manufacturing facility in Wabash County and are excited to take advantage of a competent and available workforce, proximity to our supply base and significant opportunities for ongoing technical training," said Kurt Kamholz, president of Precision Medical Technologies. "The community of North Manchester has been instrumental in assisting us in finding a location to meet both our current and future expectations for a successful operations facility. We look forward to continuing to operate in Indiana – a location that continues to provide manufacturers with a well-trained and stable workforce to support business growth."
Since 2003, Precision Medical Technologies has been manufacturing orthopedic implants and instruments with a strong focus on the spine, extremities, and trauma markets. Currently, the company is divided into two separate operating divisions, implant and instrument manufacturing, with both segments having their own quality engineering, production engineering and operating management. The instrument division is located in Rome City, Indiana, while the implant facility is located in Warsaw, Indiana. The company manufacturers surgical instruments and implants for original equipment manufacturers nationwide in the orthopedic industry.
The IEDC offered Precision Medical Technologies up to $430,000 in conditional tax credits and up to $45,000 in training grants based on the company’s job creation plans. These incentives are performance based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The town of North Manchester will consider additional incentives during the town council meeting on Dec. 6 at the request of Grow Wabash County.
"We are thrilled that Precision Medical Technologies has chosen to locate their newest facility here in North Manchester,” said Jim Smith, president of the North Manchester Town Council. “They have been a great partner to work with and we look forward to building upon our already strong relationship to help them grow in our community.”
Innovative medical device companies like Precision Medical Technologies continue to grow in Indiana – a global leader in the life sciences industry. According to BioCrossroads and the Indiana Business Research Center, Indiana is the second largest exporter of life sciences products in the U.S., totaling nearly $10 billion and accounting for nearly one-third of Indiana's total exports. More than 1,600 life science companies operate in Indiana, supporting more than 56,000 Hoosier jobs with average wages of nearly $99,000 annually.
About Precision Medical Technologies
Precision Medical Technologies is a contract manufacturer of orthopedic implants and instruments with a focus on spine, extremities, trauma and sports medicine. The business is divided into two separate operating Divisions; Implant Manufacturing and Instrument Manufacturing with both segments being staffed with their own Quality Engineering, Production Engineering, and Operating Management. The Instrument Division operates out of the Warsaw and Rome City facilities, while the Implant Division is only located at the Warsaw facility.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.