Banner Medical Invests $6.3 Million In Warsaw, Indiana, Manufacturing Plant
The company, which is a subsidiary of Illinois-based Banner Service Corporation, will construct a state-of-the-art, 43,000-square-foot material processing center at the Warsaw Technology Park. With its new facility, the company will deliver medical grade materials and unique value-added services with efficiency, allowing for lower inventory levels, shorter lead times and reduced supply chain complexity for local and regional customers in the medical device industry.
“Warsaw, Indiana is an integral part of our growth strategy, and we look forward to further serving existing and potential new customers in the region through this facility,” said Mark Redding, President/CEO of Banner Service Corporation. “Banner Medical will offer the best total solution through material accessibility, services offered and customer intimacy to the medical device industry that resides in Warsaw and the region.”
Construction on the site, which may accommodate future expansions up to 110,000 square feet, will start Sept. 1, with plans to begin Indiana operations by early 2016. Banner Service Corporation currently plans to begin hiring for machine operators, quality/compliance, sales and general administrative positions for its Indiana facility in the fall.
As an incentive the Indiana Economic Development Corporation offered Banner Medical Innovations Inc. up to $725,000 in conditional tax credits and up to $25,000 in training grants based on the company's job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Warsaw approved additional incentives at the request of the Kosciusko Economic Development Corporation.
“When the world demands a medical device, Hoosiers supply,” said Governor Mike Pence. “The Indiana life science industry has a $59 billion impact on our economy, and we're second in the nation when it comes to the industry’s exports. Indiana is committed to helping medical device companies continue to grow, and we’re always happy to welcome Illinois businesses like Banner Medical to Indiana.”
“Banner Medical brings a reputation of innovation and advanced technology into our community,” said Mayor Joe Thallemer. “Locating in the new Warsaw Technology Park gives Banner local access to over thirty of its existing customers creating a synergy that can only be found in our community of advanced orthopedic manufacturing. We are excited to welcome Banner to Warsaw"
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