Indiana device manufacturer announces $5M plant expansion, will add 125 jobs

Uterine injector--Courtesy of Thomas Medical

Indiana's Catheter Research Inc. (CRI) announced a $5 million expansion of its Indianapolis headquarters, a move that will generate up to 125 jobs by 2020.

The new additions will be in R&D, manufacturing and logistics. Its Indiana workforce will nearly double from its current size of 150 employees.

"We are very excited to provide our current and future customers the expansion necessary to match their growth in the medical device marketplace. 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," said CRI CEO Phil Sheingold in a statement.

Inside Indiana Business reports that the Indiana Economic Development Corporation will pony up as much as $850,000 in tax credits; the city government is also considering tax incentives.

CRI also has operations in Minnesota, Ireland and Costa Rica--a who's who of med tech R&D and manufacturing hubs. In June, the company announced that it is adding 25 jobs at one of its Ireland facilities, where customized interventional balloons are designed and manufactured.

CRI designs and manufactures single-use medical devices, like catheters, uterine manipulators, disposable electrosurgery electrodes, OB/GYN dilators, and gas sampling lines under the Thomas Medical brand, according to the company website, which says its devices are distributed in more than 60 countries.

The expansion is a win for Indiana's device industry, which is centered around the orthopedics hub of Warsaw. It employs more than 56,000 Hoosiers and contributes $59 billion to the state economy, according to Inside Indiana Business.

But not all med tech manufacturing jobs are safe. FierceMedicalDevices just broke news of more than 160 layoffs at Abbott ($ABT) in California, as well as the closure of two Boston Scientific ($BSX) plants in the state. The plants' operations are being transferred to Costa Rica, where medical devices are now the top export, worth about $2 billion per year.

- read the release
- here's Inside Indiana Business' take