Catheter Research Inc. Plans $4.8 Million Expansion In Indianapolis, Indiana
The company will invest $4.8 million to expand and relocate its existing operations from 5610 W. 82nd St. to 6102 Victory Way in Indianapolis during the first half of 2016, as well as to purchase new machinery and equipment to support its continued growth.
The existing 70,000-square-foot industrial building will add 34,000 square feet to CRI’s footprint, allowing the company to significantly increase production and warehouse capacity while accommodating office space for corporate departments including finance, engineering, quality, business development and human resources.
“We are very excited to provide our current and future customers the expansion necessary to match their growth in the medical device marketplace,” said Phil Sheingold, President/CEO of CRI. “With our expanding capabilities, technologies and support staff, moving to a new, larger site is part of our commitment to our customer’s supply chain while maintaining the effectiveness of our quality system.”
CRI is a global full service medical device manufacturer specializing in single-use medical devices, concept development and product life cycle management of devices including interventional arterial products, orthopedic products, catheter and balloon design assembly, balloon manufacturing, medical tubing, extrusion and women’s health products. CRI, which currently employs 150 full-time associates in Indiana, also boasts operations in Maple Grove and Maple Plain, Minnesota, Costa Rica and Ireland. The company plans to begin hiring for manufacturing, logistics and research and development positions in 2016.
As an incentive, Indiana Economic Development Corporation offered CRI up to $850,000 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 city of Indianapolis will consider additional incentives at the request of Develop Indy, a business unit of the Indy Chamber.
“Indiana’s life science industry has experienced tremendous growth in recent years, reporting an increase in economic impact of $27 billion in just over a decade,” said Governor Mike Pence. “The success of this industry relies on companies like CRI that continue to commit to our state and create quality jobs for Hoosiers.”
“CRI is an important asset to our life science industry and I am so pleased that they chose to grow the company’s headquarters here,” said Indianapolis Mayor Greg Ballard. “Today’s announcement shows that our community’s talented workforce continues to play a critical role in keeping and growing companies like CRI in our city.”
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