Cryogenic Solutions Inc., an Indianapolis-based company that repairs home health care equipment, said Friday morning that it is investing $1 million to double its Indianapolis footprint, a move that's expected to create up to 31 Hoosier jobs.
The move follows the 16-employee company's recent acquisition of New York-based Inventory Solutions, whose operations are being consolidated into Indianapolis. Inventory Solutions employed 15 at its headquarters, some of whom are expected to relocate to Indianapolis.
"Cryogenic Solutions could have relocated its operations to New York, but is instead choosing to grow and create jobs in Indiana because of the benefits of doing business in a state that works," Gov. Mike Pence said in a prepared statement.
Founded in 2008, Cryogenic Solutions repairs a broad range of medical equipment, including oxygen tanks, oxygen concentrators, nebulizers, suction and apena monitors.
To accommodate the additional jobs, Cryogenic Solutions is expanding its offices at 1936 S. Lynhurst Drive from 15,000 square feet to 30,000 square feet.
In addition to growing Cryogenic's repair revenue, the acquisition takes the Indianapolis company into a new business: the purchase of excess inventory from home medical equipment dealers, wholesalers and manufacturers.
Cryogenic expects to begin hiring additional equipment technicians, purchasers and sales representatives in early 2017.
The Indiana Economic Development Corp. offered Cryogenic Solutions up to $215,000 in tax credits based on the company’s job-creation plans. The credits are performance-based, meaning the company cannot claim them until workers are hired.