Iconacy Orthopedic Implants, an orthopedic developer and manufacturer, will invest $2.63 million on a Warsaw, Indiana manufacturing complex, with plans to hire manufacturing, engineering, finance, marketing and administrative positions beginning next year.
Iconacy, which produces and markets a total hip replacement systems, will lease, renovate and equip a new 50,000 square-foot production facility at 4130 Corridor Drive in Warsaw, Indiana, on US 30 west of Fort Wayne, Indiana, to house the company's growing operations.
"Whether it is scientific research or medical device manufacturing, Indiana continues to provide a vibrant life science sector for innovative companies like Iconacy to not only grow, but create a foundation for its future success," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
"The Iconacy family is honored to call the orthopedic capital of the world, in the heartland of America, its home," said Tom Allen, president and chief executive officer of Iconacy. "With over 100 years of rich experience and seasoned talent in orthopedics, Warsaw is the ideal strategic setting for doing business in this entrepreneurial endeavor focused on changing the orthopedic space. As the healthcare landscape changes over the next three or more years, we are poised to be the nimble player in a market driven by diminishing reimbursement and complex distribution models."
As an incentive the Indiana Economic Development Corporation offered Iconacy Orthopedic Implants up to $575,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The firm plans to initially hire up to 50 additional employees. In addition, the city of Warsaw approved additional property tax abatement at the request of the Kosciusko Economic Development Corporation.
Warsaw Mayor Joseph Thallemer said, "I am pleased to welcome Iconacy Orthopedics with their line of hip, knee and shoulder systems, as our newest innovator. Iconacy will join a community of orthopedic manufacturers and support industries committed to improving the quality of life worldwide for those suffering from joint related disease and injury, strengthening Warsaw's reputation as the `Orthopedic Capital of the World.'"