Orthopedics giant Biomet Inc. plans to invest $26 million to grow operations in its hometown of Warsaw, adding 278 jobs by the end of 2012.

Indiana Economic Development Corp. offered the company as much as $2.75 million in performance-based tax credits and up to $200,000 in training grants. Biomet also will get a 10-year tax abatement approved by the Kosciusko County Council.

Biomet’s Warsaw Center of Excellence initiative calls for facility improvements and new equipment that will allow the company to consolidate manufacturing activities from New Jersey.  Research and development and administrative services will be expanded at the company’s campus in north central Indiana.

Kosciusko County is home to nearly half of the global market share for orthopedic devices, employing more than 6,500 workers, IEDC said.

Founded in 1977, Biomet has more than 7,000 employees worldwide, including about 1,700 in Indiana. It reported revenue of $2.5 billion last year, ranking No. 2 on IBJ’s list of the state’s largest private companies.

"Biomet is a tremendous asset to our county and state," Bob Sanders, Kosciusko County Council member, said in a prepared statement. "Its ongoing presence and growth are critical to our workforce.  Biomet has proven to be very generous in its support of our community.  We need to listen to, and support, its business needs."