Spinal surgery specialist NuVasive ($NUVA) announced that it will build a new $45 million manufacturing facility in West Carrollton, OH, creating 300 new jobs. A local news outlet reports that the facility will provide the city $14.2 million in payroll upon full employment in 2018.
The 160,000-square-foot facility is slated to begin commercial-scale production of spinal implants and associated surgical instruments by the end of 2016, pending customary closing conditions.
The San Diego-based company is doubling down on Ohio, where it already has a manufacturing facility in Dayton, of which West Carrollton is a suburb. It is in the process of finalizing an incentive package with the state, according to a release.
The Dayton Daily News says that the incentives include a 35% income tax rebate lasting 5 years, and a 65% 7-year job creation tax credit. The outlet in September reported that Texas and Tennessee were also in the running for the new facility.
|NuVasive CEO Greg Lucier|
"We greatly appreciate the support and cooperation of the Dayton Development Coalition and JobsOhio, as well as officials from both Montgomery County and the city of West Carrollton during the site selection process. I would like to personally thank Governor John R. Kasich and his office for their commitment to support incentives for NuVasive as we build out the new facility and train our expanded pool of employees who will support our growth in the region," said NuVasive CEO Gregory Lucier in a statement.
"With this new facility and our longer-term plans to also expand our manufacturing footprint globally, we expect to increase customer responsiveness, dramatically improve inventory turns and speed up design time velocity to more efficiently meet the growing demand for our innovative spine technology," he added.
The facility will employ engineers, machinists and process development and validation specialists, NuVasive said in a release. It will contain 100 computer numerical control machine tools, as well as a cleanroom.
During Q3 2015, NuVasive reported revenues of $200 million, up 7.8% on a constant currency basis.
In October it received FDA clearance for its latest spinal surgery implant, the X-Core Mini Cervical Expandable VBR system to replace a diseased or damaged part of the spinal vertebrae caused by tumors, fractures or bone infections, and also to reconstruct a part of the spine after a corpectomy (a procedure that removes part of the vertebrae to help decompress the spinal cord and nerves).
- read the release
- here's more from the Dayton Daily News
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