Catheter Research Inc. is expanding and relocating within its hometown of Indianapolis.
The company has committed $4.8 million for the project, due for completion in the first half of 2016. Plans include buying new machinery and equipment and nearly doubling its floor space to 70,000 square feet in the new facility, about three miles from its current location. Production, warehousing, engineering and administration departments will all gain space in the move, according to a news release from Indiana's Economic Development Corporation.
Catherter Research extrudes an array of single-use medical goods based on vinyl compounds that don't contain diethylhexyl phthalate plasticizer, as well as other polymers. The firm runs clean room operations in Indianapolis and provides secondary services such as welding, plasma treatment and packaging.
Catheter Research could create up to 125 new jobs in Indianapolis by 2020. It qualifies for incentives of up to $850,000 for job creation.
“We are very excited to provide our current and future customers the expansion necessary to match their growth in the medical device marketplace,” Catheter Research President and CEO Phil Sheingold stated in a news release.
Indiana Gov. Mike Pence stated life science businesses have infused $27 billion into Indiana's economy in just over a decade.
Catheter Research's product line encompasses arterial intervention devices, orthopedic products, catheter and balloon assemblies, tubing, and women's health products. The company employs 150 full time workers in Indiana, and runs factories in Maple Grove and Maple Plain, Minn.; Cartago, Costa Rica; and Wexford, Ireland.
The Indianapolis investment is the latest in the company's recent expansion thrust. In June 2015 it bought contract medical device producer Dynamic Innovations in Maple Plain. A half year earlier it acquired Matix MedTech in Maple Grove. The Irish operation is also growing and expects to add 25 new jobs in the next three years.