Stryker (NYSE:SYK) has won a $3.4 million tax-rebate incentive from the state of Utah to expand its neurotechnology training and manufacturing center in Salt Lake City, according to a Salt Lake Tribune report.
Kalamazoo, Mich.-based Stryker aims to add 540 people and spend $100 million over the next 10 years as part of the expansion, according to the report.
As part of the tax break deal, workers hired by Stryker will be required to be paid 100% of the average wage in Salt Lake County, resulting in new wages of $192 million and $17 million in state tax revenue, the SL Tribune reports.
“World-class companies like Stryker elevate Utah’s life-science industry in the global market,” Utah Governor’s Office of Economic Development exec director said, according to the report.
The new expansion will include research & development facilities, and Stryker has planned to begin stroke-care technology product manufacturing this year, along with physician training, according to the report.
“Stryker has cemented itself as a leader in global innovation and medical device manufacturing. With their continued expansion in Utah, Stryker adds to an already recognized and established life sciences and medical device manufacturing hub,” Economic Development Corporation of Utah prez & CEO Theresa Foxley said, according to the SL Tribune
“Stryker has been operating in the Salt Lake City area since 2011. During that time, we’ve benefited from the talented workforce and first-rate education, research, and healthcare facilities in the area. We are excited to continue our expansion of Stryker’s operations and partner with state and local government in the future,” Stryker neurovascular division prez Mark Paul said, according to a Utah Business report.
In September, Sryker said it won FDA 510(k) clearance for its Tritanium C 3D-printed anterior cervical interbody fusion cage designed for cervical spinal use.