Jul 19, 2016
Gov. Rick Scott announced Tuesday that Arthrex, a medical device manufacturer, will expand its operations in North Naples, create 560 jobs and invest more than $63 million in Collier County.
Arthrex already employs more than 2,200.
“More and more manufacturing companies are choosing to invest and create new opportunities in our state because of our work to cut taxes and make it easier for job creators to succeed,” Scott said. “I look forward to seeing Arthrex’s continued growth as we work to make Florida first for jobs.”
Arthrex has been based in Naples since 1991 and has developed more than 9,500 products and surgical procedures to advance minimally invasive orthopedics. It trains surgeons at its medical education facility in Naples and more than 90 percent of Arthrex’s products are manufactured in the United States.
It’s been named one of the Top 100 Best Companies to Work For by Fortune Magazine and was No. 3 out of the 15 Best Workplaces in Manufacturing and Production in the country.
Florida is ranked second nationwide for FDA-registered medical device manufacturing facilities. It is home to more than 1,100 biotech, pharmaceutical and medical devices companies, and more than 46,000 health care establishments.
“To have a global medical device leader like Arthrex make this kind of investment shows their confidence in Collier County,” said Kristi Bartlett, vice president of economic development for the Greater Naples Chamber of Commerce. “The ripple effect of Arthrex’s physical expansion and the jobs created contributes greatly to our region’s growing economic strength. This is a prime example of the fruits of having a robust business retention and expansion effort.”
Enterprise Florida, the state’s principal economic development organization, brought the proposed project to Collier County in April.
The Collier County Board of County Commissioners in May approved more than $1 million in incentives for the Arthrex project. Of that money, $560,000 was local support as the project qualified for the county’s Qualified Target Industry Tax Refund program.
This requires Arthrex to create 560 new jobs in Collier County that will provide high-wage, value-added employment to Collier County citizens with an average annual wage of $54,000 and average annual benefits of $17,000. An additional $600,000 was awarded in local support because the project qualified for the state’s Quick Action Closing Fund, which requires Arthrex create the jobs and meet its capital investment obligations.
“Collier County is so lucky to have a company like Arthrex that has become a true community partner,” said commission chair Donna Fiala. “Arthrex has been a long and trusted friend of Collier County and has always delivered beyond expectations.”