Medical Device Manufacturer to Build New HQ in Utah
- Mar 15, 2017
Salt Lake City—Biomerics and the Governor’s Office of Economic Development (GOED) recently announced that the medical device plastics manufacturer will build its corporate headquarters in Utah, after an estimated $39 million in capital investment. The company intends to add up to 380 jobs to the community by 2025. The exact location of the new 200,000-square-foot property will be announced at a future date.
Biomerics specializes in the design, development and production of medical devices for diagnostic and interventional procedures for the cardiovascular, structural heart, cardiac rhythm management and vascular access markets. The company may earn up to 20 percent of the new state taxes they will pay over the eight-year life of the agreement. The GOED board has approved a post-performance tax credit rebate not to exceed $3 million.
“Utah provides a unique business environment and community for the growth of the company. We are proud to be part of this community and appreciate the support of GOED and EDCUtah in this important decision,” said Travis Sessions, CEO of Biomerics, in a prepared statement.
The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $133 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $15 million over eight years.
Founded in 2009, the company currently has five locations, including a recent expansion in Minnesota. The company’s current headquarters is in Salt Lake City.
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