Covidien Details Planned Transfer
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIreland-based Covidien Ltd. (NYSE: COV) is releasing further details about a previously-announced plan to move work from Colorado to Plainfield. The health care product provider says it will renovate its Hendricks County technical services manufacturing facility and hire more than 100 workers by the end of 2015.
July 1, 2014
News Release
Plainfield, Ind. — Covidien LP, a global provider of healthcare products, announced plans today to expand its operations here, creating up to 112 new jobs by the end of 2015.
The company will renovate and equip its approximately 70,000 square-foot technical services manufacturing facility at 2824 Airwest Blvd. in Plainfield. With its growth, the company expects the facility to be operational by the end of 2015, which will centralize its operations for the repair, calibration and upgrading of medical devices.
“Both close to home and around the world, businesses are recognizing Indiana as the perfect place to maximize their investment,” said Governor Mike Pence. “By bringing more than 100 new jobs here, Covidien gains an edge through an expanded hard-working Hoosier workforce along with the Indiana business climate which is designed with growing companies in mind. Indiana is globally-recognized as a state that works for business, with a reputation that continues to spread thanks to companies like Covidien.”
Covidien, which currently employs more than 38,000 employees worldwide, including more than 50 in Indiana, has started the process of hiring for technical service manufacturing positions. Interested applicants can visit www.covidien.com/careers.
“We are pleased to add to our operations located in Hendricks County,” said Adam Grover, vice president of operations at Covidien. “We specifically selected Hendricks County for several reasons, including its talented workforce and the region’s business climate, economy and quality of life.”
Covidien is a global healthcare products company, contributing to a number of medical advances, including surgical stapling, minimally invasive surgical instrumentation, electrosurgery, pulse oximetry and embolization devices. With 2013 revenue of $10.2 billion, Covidien has employees worldwide in more than 70 countries, and its products are sold in over 150 countries. At its Plainfield location, Covidien customers send medical equipment, such as hardware and machines, to the factory service team for repairs, calibration and upgrades.
The Indiana Economic Development Corporation offered Covidien LP up to $1,120,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The town of Plainfield supports the project at the request of the Hendricks County Economic Development Partnership.
“We appreciate the confidence Covidien has shown in Plainfield by expanding their technical operations here in Plainfield,” said Robin Brandgard, president of the Plainfield Town Council. “With an investment in the facility and with the creation of over 100 new, highly skilled, well-paying jobs, Covidien’s expansion in Plainfield reaffirms what others have found, that Plainfield is a community of values with a highly desirable quality of life. We are pleased to be working with them and look forward to welcoming the new employees into our community.”
Indiana continues to provide the perfect business environment for medical device companies to grow. With its affordable cost of doing business, low tax rates and skilled workforce, in 2013 Indiana's gross domestic product grew faster than the national rate, increasing 2.1 percent.
About Covidien
Covidien is a global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien develops, manufactures and sells a diverse range of industry-leading medical device and supply products. With 2013 revenue of $10.2 billion, Covidien has more than 38,000 employees worldwide in more than 70 countries, and its products are sold in over 150 countries. Please visit http://www.covidien.com to learn more about Covidien's business.
About IEDC
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: Indiana Economic Development Corp.