Smith and Nephew invests $55 million USD in new factory in Costa Rica (The Costa Rica Star)
Global medical equipment company Smith and Nephew inaugurated today its new factory of orthopedic devices for sports medicine in the Free Trade Zone in El Coyol, Alajuela.
The new facilities required an investment of $55 million dollars and will add close to 250 jobs to the already existent 1,700. The English firm with headquarters in London will consolidate a total of 1,950 employments in Costa Rica.
The event had the presence of Costa Rica’s President Luis Guillermo Solis, as well as company and government representatives.
“The Government of Costa Rica is pleased to inaugurate this new factory with capacity to increase its operation by up to 250 new jobs. This is the result of the efforts of the country in strengthening the competitiveness conditions thanks to the strong alliance existent with productive and business sectors. Costa Rica is a stable economy that is currently in growth, it has a low inflation, it holds the first positions in competitiveness; the expansion of Smith & Nephew will consolidate its operation and our country in its capacity to attract foreign investment”, indicated President Luis Guillermo Solis.
In the field of sport medicine, Smith and Nephew specialize in the fabrication of instruments and implants necessary to perform minimally invasive surgeries. This includes the repair of soft tissue injuries and degenerative disorders of the knee, hip and shoulders.
“The manufacturing sector, and specially the medical devices sector, is fundamental in the process of diversification and consolidation of Costa Rica in the global value chain. Its impact in the exports and in the index of investment and reinvestment in the country are outstanding. Costa Rica has organized to be a counterpart capable of responding to their requirements, both in terms of talent and human abilities as well as business climate and business incentives. These conditions converge as elements in a productive ecosystem less organized around assembling and more focused on manufacturing activity of added value, more technological content and productive and business sophistication as well as complex research, development and innovation activities. It is in this scenario that Smith & Nephew chooses to expand its local operations, showing its commitment to Costa Rica and the potential of the country. The central government will continue to work arduously in cultivating and keeping the appropriate conditions for the development of the company in our country,” declared Alexander Mora, Minister of Foreign Commerce.
Since 2014, Smith & Nephew strengthen their position in the sports medicine market with the acquisition of the firm ArthroCare Corporation. The transaction added complementary products to its existent portfolio.
The new factory will support the global demand of COBLATION technology developed by Smith and Nephew. COBLATION is a type of technology used in arthroscopic procedures which is characterized by the use of radio-frequency energy to remove tissue, generating less damage to the body and almost no bleeding.
“The inauguration of the new manufacturing plant strengthens the company’s operations in the country. From this new facilities company personnel will create medical devices that will improve the health of hundreds of people around the world. We feel very proud of the new stage that starts today”, said Andres Salazar, General Manager and Vice-President of Operations for Smith and Nephew