"St Jude Medical invests $670 million in Costa Rica!"
St. Jude Medical, named FORTUNE Magazine’s “Most Admired Medical and Precision Equipment Company” in 2007 and 2008, has decided to set up manufacturing operations in Costa Rica.
St. Jude Medical will initially use its Costa Rica facility to expand production of the company’s heart valve portfolio. The global medical device company, based in St. Paul, Minn., USA, develops products for cardiac rhythm management, atrial fibrillation, cardiac surgery, cardiology and neuromodulation.
The construction of St. Jude Medical’s new plant began in December 2008 in Coyol Free Zone, Alajuela. The 350,000 square-foot facility, now employs more than 250 people.
St. Jude targets to create an additional 50 jobs before end-2010 and plans to invest $670 million in Costa Rica and eventually employ 2,000 people over the next five years.
“St. Jude Medical has chosen Costa Rica as an expansion site because of its robust business environment, talented workforce, and its strategic location in an area where we see strong growth potential.
Costa Rica represents a lucrative expansion market for St. Jude. The medical devices industry has emerged as the third-largest exporter in the Central American country with annual exports of roughly US$1.1 billion.
We are thrilled with St. Jude Medical’s decision to start operations in our country. This confirms Costa Rica´s high standards of quality and its sophisticated workforce, which allow medical companies to perform complex manufacturing.
Extracted from Periodico La Nacion, Costa Rica.