Smith & Nephew is seeking a tax abatement to aid in its expansion, with Ft. Worth offering a 5-year abatement on 55% of the property taxes once it completes its planned $25.7 million expansion, incurring savings of approximately $530,000, the paper said.
With the deal, the company would have to expand on its workforce, currently employing 83 individuals, to add an additional 100 jobs by 2022.
“This would be a nice addition to our biotech industry. This project will allow them to really build end-to-end manufacturing capabilities for one of two of their key brands in their portfolio,” Ft. Worth Economic Development Director Robert Sterns said, according to the Star Telegram.
The company’s facility in Ft. Worth was acquired when it purchased bioactive wound treatment developer Healthpoint Biotherapeutics in 2012.
Smith & Nephew is reportedly also looking at 2 new New Jersey locations, and a location in Curacao for possible future expansions.
Last month, Smith & Nephew saw shares rise in London and New York after the British medical device giant said emerging markets drove strong 1st-quarter results.
Overall sales grew 0.4% to $1.14 billion and 3% on a constant-currency basis for the 3 months ended April 1, the company said. Smith & Nephew no longer reports quarterly profits or earnings. Although sales fell in both the U.S. and established markets overseas, emerging market revenues jumped 13.1% to $173 million compared with Q1 2016.