Medical device maker Catheter Research Inc. said Friday morning that it plans a $4.8 million expansion on the northwest side that’s expected to create up to 125 jobs by 2020.
The company—which makes single-use medical devices, such as catheters—already employs 150 in Indiana. It also has outposts in Minnesota, Costa Rica and Ireland.
The investment will allow Catheter Research to relocate from 34,000 square feet at 5610 W. 82nd St. to 70,000 square feet at 6102 Victory Way.
“We are very excited to provide our current and future customers the expansion necessary to match their growth in the medical device marketplace,” Catheter Research CEO Phil Sheingold said in a prepared statement. “With our expanding capabilities, technologies and support staff, moving to a new, larger site is part of our commitment to our customers’ supply chain while maintaining the effectiveness of our quality system.”
The Indiana Economic Development Corp. offered Catheter Research up to $850,000 in tax credits based on the company's job-creation plans. The credits are performance-based, meaning Catheter Research can’t claim them until workers are hired. The city of Indianapolis will consider additional incentives.
Catheter Research, founded in 1987, has prospered in recent years after some two decades of struggles, which includes 17 straight profitless years, a bankruptcy reorganization and a stint as a subsidiary of Warsaw-based Biomet Inc.