04.08.14
Biomet Inc. plans to invest $40.5 million in a Warsaw, Ind., expansion that would create 150 high-paying jobs by 2018. The company’s annual payroll will increase by nearly $11.3 million after the additional workers are hired.
The Kosciusko County Council, which unanimously voted to move the request for incentives to the next step in the process, according to the Kosciusko Economic Development Corp. Biomet officials said the project will move forward only if county and state tax breaks and other incentives are approved.
The Indiana Economic Development Corp. in August 2010 approved nearly $3 million in tax credits and training grants to help Biomet create 278 jobs at that time. Kosciusko County approved additional incentives on the $26 million investment. Biomet’s new project calls for spending $40.5 million on capital improvements, including building renovations and 3-D printing and optical scanning technology. The project also includes upgrades to Biomet’s Global Center of Excellence, the program that allows surgeons interested in introducing a new product, technology or technique to explore the idea with an expert.
The expansion news occurred just one week after the orthopedic firm filed paperwork for an initial public stock offering. In 2007, a private-equity consortium paid $11.4 billion for Biomet. LVB Acquisition Inc. will change its name to Biomet Group Inc. before the offering closes, officials said.
The Kosciusko County Council, which unanimously voted to move the request for incentives to the next step in the process, according to the Kosciusko Economic Development Corp. Biomet officials said the project will move forward only if county and state tax breaks and other incentives are approved.
The Indiana Economic Development Corp. in August 2010 approved nearly $3 million in tax credits and training grants to help Biomet create 278 jobs at that time. Kosciusko County approved additional incentives on the $26 million investment. Biomet’s new project calls for spending $40.5 million on capital improvements, including building renovations and 3-D printing and optical scanning technology. The project also includes upgrades to Biomet’s Global Center of Excellence, the program that allows surgeons interested in introducing a new product, technology or technique to explore the idea with an expert.
The expansion news occurred just one week after the orthopedic firm filed paperwork for an initial public stock offering. In 2007, a private-equity consortium paid $11.4 billion for Biomet. LVB Acquisition Inc. will change its name to Biomet Group Inc. before the offering closes, officials said.