Catheter Research Inc. (CRI), a global medical device manufacturer, will expand its Indianapolis headquarters, creating up to 125 new jobs by 2020.
The company will invest $4.8 million to expand and relocate its existing operations from 5610 W. 82nd St. to 6102 Victory Way in Indianapolis during the first half of 2016, as well as to purchase new machinery and equipment to support its continued growth. The existing 70,000-square-foot industrial building will add 34,000 square feet to CRI’s footprint, allowing the company to significantly increase production and warehouse capacity while accommodating office space for corporate departments including finance, engineering, quality, business development and human resources.
CRI, which currently employs 150 full-time associates in Indiana, also boasts operations in Maple Grove and Maple Plain, MN, Costa Rica and Ireland. CRI specializes in single-use medical devices, concept development and product life cycle management of devices including interventional arterial products, orthopedic products, catheter and balloon design assembly, balloon manufacturing, medical tubing, extrusion and women’s health products.
“We are very excited to provide our current and future customers the expansion necessary to match their growth in the medical device marketplace,” said Phil Sheingold, president and chief executive officer of CRI. “With our expanding capabilities, technologies and support staff, moving to a new, larger site is part of our commitment to our customer’s supply chain while maintaining the effectiveness of our quality system.”
The Indiana Economic Development Corporation offered CRI up to $850,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until employees are hired, the company is not eligible to claim incentives. The city of Indianapolis will consider additional incentives at the request of Develop Indy, a business unit of the Indy Chamber.
“Indiana’s life science industry has experienced tremendous growth in recent years, reporting an increase in economic impact of $27 billion in just over a decade,” said Governor Mike Pence. “The success of this industry relies on companies like CRI that continue to commit to our state and create quality jobs for Hoosiers. We have worked diligently to establish Indiana as the best place in the nation for business, and with more than $9.7 billion in pharmaceuticals and medical devices exported annually across the globe, I’m proud to say that Indiana is a state that works for life sciences.”
The life science industry employs more than 56,000 Hoosiers at more than 1,700 companies across the state, with the medical device supply chain subsector accounting for approximately 35 percent of those jobs. Indiana ranks second in the nation for total life science exports, totaling a $59 billion economic impact to the Hoosier State.