Elos Medtech expands Onyx Medical in the United States
Elos Medtech will expand Onyx Medical LLC in Memphis, TN (USA) by adding 27,000 square feet and invest in new equipment in response to increased demand from orthopedic customers. The company has expanded several times since it was established over 25 years ago and this expansion of 27,000 square feet will effectively double the production area.
Onyx Medical LLC was acquired by Elos Medtech in 2015 to extend its global presence and further specialize within orthopedics. A committed effort has been pursued since 2015 to create an attractive global orthopedic offering based on our technical expertise and specialised capacity as a strategic partner. This work has been carried out in close cooperation with customers and has led to increased demand for drills, pins, wires and screws in both traditional trauma and robotically enabled surgery. Demand is significant, which requires an expansion of the factory in Memphis.
"Our global focus on the orthopedic market in recent years has given us new opportunities to meet our customers' increased needs for collaboration, specialized skills and manufacturing capabilities," says Jodie Gilmore, Global Business Director Orthopedics and Managing Director Onyx Medical. "We are now expanding the facility and investing in new equipment to increase our capacity and thus meet our customers' demand.”
The significant expansion will also lead to the creation of new jobs and the company has been granted economic incentives from the "Economic Development Growth Engine for Memphis and Shelby County” resulting in future tax credits of almost SEK 12 million (approximately $1.4 million) over a nine-year period.
“When the project is completed in 2019, we will have achieved a significant step in our strategic plan for growth and increased focus on key markets and created a strong platform for continued development of our global Orthopedic business," says Jan Wahlström, CEO.
Elos Medtech is one of the leading development and production partners for medical technology products and components in the world, such as dental and orthopedic implants and instruments. The operations are conducted at facilities in Sweden, Denmark, China and the US. Customers are internationally active medical technology companies.
Elos Medtech employs more than 500 people worldwide and generates revenue that exceeds MSEK 550. Elos Medtech has been traded on NASDAQ Stockholm AB since 1989. The Elos Medtech B share is classified as a Health Care company on the Small Cap list.
Gothenburg, May 8, 2018
Elos Medtech AB (publ)
For further information, please contact:
Jan Wahlström CEO +46 70 212 18 89, e-mail:firstname.lastname@example.org or
Jodie Gilmore Global Business Director Orthopedics and Managing Director Onyx Medical, +1 901 323 6699, email@example.com
For additional information about the Elos Medtech Group, visit www.elosmedtech.com