The Costa Rican Investment Promotion Agency (CINDE) confirmed that medical device manufacturer Theragenics Corporation has leased a manufacturing facility that will launch operations later this year in the province of Alajuela.
The facility, located in El Coyol, will primarily manufacture components used in the company’s vascular access product line.
The operation will require the hiring of 50 local employees for the company’s 17,200 square-foot plant, which is expected to be fully operational by the end of the year.
President Luis Guillermo Solís welcomed the announcement by saying the company’s choice of Costa Rica demonstrates the country’s international competitiveness in the high technology production sector.
“We appreciate Theragenics’ decision to invest in Costa Rica, and we know our local talent will succeed in supplying all of their staff requirements,” the president said.
Company CEO Frank J. Tarallo said in a press release that the opening of the new facilities in Costa Rica expands the company’s footprint and provides them with new manufacturing capabilities.
“Costa Rica is a country that understands and supports the medical device industry, and our plant will deliver the same quality, dedication and service that have been our base for years,” he stated.
The opening of Theragenics in Costa Rica is part of the company’s previously announced plans to outsource parts of subsidiary Galt Medical, which earlier this year announced the closure of a Texas plant and the layoff of nearly 140 workers.
The company said at the time that the medical device tax was at least partly to blame for the decision to move operations overseas. Theragenics currently operates plants in the U.S. states of Georgia, Massachussetts, Texas and Oregon.
A list of available jobs and the company’s contact info will be disclosed in coming weeks, CINDE officials said.
The Life Sciences industry in Costa Rica employs some 17,200 people, while exports of medical and precision devices reached over $1.5 billion in 2013, according to the Foreign Trade Ministry.