Quality Electrodynamics won a six-year tax credit valued at nearly $250,000 for an expansion of the company’s Mayfield, Ohio, headquarters.
The 8,000- to 10,000-square-foot expansion of the 27,000-square-foot HQ is expected to help create 60 jobs, according to a statement from the Ohio Dept. of Development. The company will use the additional space for research, development and operations.
QED already has 60 employees and expects to hire the additional 60 by the end of 2013, a spokeswoman said. The company makes coils that amplify radio signals used by magnetic resonance imaging equipment. The company will invest $2.2 million in new equipment and machinery for the expanded headquarters, according to the spokeswoman.
The addition is fueled by sales growth and the company’s plan to develop and introduce new products in coming years. As a condition of accepting the tax credit, QED has committed to continuing operations at its Mayfield Village site for 12 years, the spokeswoman said.
QED may be the most decorated company in Northeast Ohio’s burgeoning medical imaging industry. Earlier this year, the company was named to Inc. magazine’s list of fastest-growing companies in the U.S., ranking 13th among healthcare firms and 193rd overall. Last year, QED was cited as one of the nation’s most promising companies by Forbes magazine, which lauded the company for its big-name customer base that includes Siemens and Toshiba.
Founder and CEO Hiroyuki Fujita is the former director of engineering for GE Healthcare. Fujita started QED in 2006 during a one-year stint as director of imaging physics at Case Western Reserve University.