SALT LAKE CITY — Medical device manufacturer Biomerics announced Thursday it plans to build a new $38.5 million headquarters in Utah and add up to 380 new jobs.
Biomerics specializes in the design, development and production of medical devices for diagnostic and interventional procedures for the cardiovascular, structural heart, cardiac rhythm management and vascular access markets. The investment will be used to build a new 200,000-square-foot corporate headquarters. Biomerics has five locations, including a recent expansion in Minnesota.
“Biomerics looks forward to expanding in Utah,” Travis Sessions, CEO of Biomerics, said in a statement “Utah provides a unique business environment and community for the growth of the company."
Biomerics may earn up to 20 percent of the new state taxes they will pay over the eight-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate. As part of the contract with Biomerics, the Utah Governor's Office of Economic Development board of directors has approved a post-performance tax credit rebate not to exceed $3,004,416. Each year as Biomerics meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
Biomerics has not yet announced a location for the new facility. The company's current headquarters is in Salt Lake City.