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GOED gives $3M for new Biomerics HQ

Published March 9, 2017 1:03 pm
This is an archived article that was published on sltrib.com in 2017, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Biomerics, a Utah company that has become a big player in the medical-device industry, has decided to build a new corporate headquarters in the state.

To support that $38.5 million capital investment, which is projected to create 380 jobs and generate $133 million in wages over the next eight years, the Governor's Office of Economic Development (GOED) board on Thursday approved a plan to give the company a post-performance tax credit of up to $3 million.

"Biomerics is a Utah success story and a major player in both manufacturing," GOED Executive Director Val Hale said of the company, which has established offices in five locations since being founded in 2009.



At its current headquarters at 2700 S. 900 West in Salt Lake City, Biomerics website said it specializes in biopolymerization, medical-material compounding, injection molding and medical-device assembly.

The company also has a Biosonix division at 3487 W. 2100 South that develops and manufactures ultrasonic medical devises. Ogtehr offices are in Ashaway, R.I. and Brooklyn Park, Minn.

On Monday, Biomerics announced the launch there of an advanced division to develop extrusion and braid solutions for the vascular, coronary and interventional radiology medical-device markets.

This expansion came a month after Biomerics established an advanced laser division that will use laser welding, cutting, ablating and marking on precision tubes, stents, valve bodies, specialty surgical device components, implantables and catheter systems.

The exact location of the 200,00-square-foot headquarters is still to be determined. It will be the epicenter for the company's specialized efforts to design, develop and produce medical devices used to diagnose problems and intervene procedurally in cardiovascular, structural heart, cardiac rhythm management and vascular-access cases.

"Biometrics will bring additional strength, not only to the manufacturing industry in Utah, but also to the thriving life sciences industry in the state," said former GOED executive Theresa Foxley, now president and CEO of the Economic Development Corporation of Utah. "We look forward to the innovative solutions they will provide to Utah's vast medical device community."

Biomerics Chief Executive Travis Sessions said the company settled on the Beehive State for its headquarters because "Utah provides a unique business environment and community for the growth of the company."

The company may earn credits for up to 20 percent of the new state taxes it pays over the next eight years if it lives up to terms of the agreement, which foresees the 380 new jobs paying 110 of the average in whatever county is selected.

The project also is expected to generate $15 million in new state tax revenues during that time.

mikeg@sltrib.com

 

 

 

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