Statement issued Thursday:
Biomet, Inc., a leading orthopedics manufacturer, plans to expand its operations in Warsaw, including the addition of 278 jobs through the end of 2012.
The Indiana-based corporation plans to invest $26 million via its Warsaw Center of Excellence initiative, including facility improvements and equipment, to consolidate manufacturing transferred from New Jersey. Research and development and administrative services will be expanded, and logistics operations retained, at its north central Indiana campus.
"Biomet is the 63rd company to consolidate jobs to Indiana from elsewhere since the recession took hold; and that only counts the ones in which the State played a direct role," said Governor Mitch Daniels. "Clearly Indiana's business environment and workforce are positioning our state for additional growth from well-respected firms like Biomet."
A global company, Biomet has a presence in over 50 locations worldwide and distributes its products in approximately 90 countries. Incorporated in 1977, Biomet has grown to employ more than 7,000 team members worldwide.
"Biomet was founded in Kosciusko County, Indiana, and we are grateful that the IEDC and the Kosciusko County Council continue to support our commitment to expanding our employment and capabilities at our Warsaw headquarters," said Jeffrey R. Binder, Biomet president and chief executive officer. "Through this expansion, we will be better able to serve our customers, their patients and the communities in which we do business."
Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy and is part of Warsaw's cluster of orthopedics companies. Kosciusko County is home to nearly half of the global market share for orthopedic devices, directly employing more than 6,500 workers locally.
The Indiana Economic Development Corporation offered Biomet, Inc. up to $2.75 million in performance-based tax credits and up to $200,000 in training grants based on the company's job creation plans. The Kosciusko County Council has approved ten-year real and personal property tax abatements at the company's request and with the support of the Kosciusko Economic Development Corporation.
"Biomet is a tremendous asset to our county and state," said Bob Sanders, Kosciusko County Council member. "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."
Biomet's decision to expand its operations in Warsaw follows yesterday's announced plans from composite parts and components manufacturer, Continental Structural Plastics, Inc., that it will locate a new manufacturing operation in nearby Huntington, adding up to 350 new jobs and $9 million in new investment by 2012.
Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical and non?surgical therapy. Biomet's product portfolio encompasses reconstructive products, including orthopedic joint replacement devices, bone cements and accessories, autologous therapies and dental reconstructive implants; fixation products, including electrical bone growth stimulators, internal and external orthopedic fixation devices, craniomaxillofacial implants and bone substitute materials; spinal products, including spinal stimulation devices, spinal hardware and orthobiologics; and other products, such as arthroscopy products and softgoods and bracing products. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in approximately 90 countries.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements are often indicated by the use of words such as "will," "intend," "anticipate," "estimate," "expect," "plan" and similar expressions. Forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from those contemplated by the forward looking statements due to, among others, the following factors: the success of the Company's principal product lines; the results of ongoing investigations by the United States Department of Justice and the United States Securities and Exchange Commission; the ability to successfully implement new technologies; the Company's ability to sustain sales and earnings growth; the Company's success in achieving timely approval or clearance of its products with domestic and foreign regulatory entities; the impact to the business as a result of compliance with federal, state and foreign governmental regulations and with the Corporate Integrity Agreement; the impact to the business as a result of the economic downturn in both foreign and domestic markets; the impact of federal health care reform; the impact of anticipated changes in the musculoskeletal industry and the ability of the Company to react to and capitalize on those changes; the ability of the Company to successfully implement its desired organizational changes and cost-saving initiatives; the impact to the business as a result of the Company's significant international operations, including, among others, with respect to foreign currency fluctuations and the success of the Company's transition of certain manufacturing operations to China; the impact of the Company's managerial changes; the ability of the Company's customers to receive adequate levels of reimbursement from third-party payors; the Company's ability to maintain its existing intellectual property rights and obtain future intellectual property rights; the impact to the business as a result of cost containment efforts of group purchasing organizations; the Company's ability to retain existing independent sales agents for its products; and other factors set forth in the Company's filings with the SEC, including the Company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Although the Company believes that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or non-occurrence of future events. There can be no assurance as to the accuracy of forward-looking statements contained in this press release. The inclusion of a forward-looking statement herein should not be regarded as a representation by the Company that the Company's objectives will be achieved. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements which speak only as of the date on which they were made.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov .