The Orthopedic Capital of the World got just a little bigger last week when Iconacy Orthopedic Implants LLC received a $162, 763 tax abatement to open for business in Warsaw, Indiana
According to staceypageonline.com, Kosciusko County’s only digital daily newspaper, the abatement was approved by the Warsaw City Council on July 16. The tax break will allow the company to move into the property at 4130 Corridor Drive, an economic revitalization area.
The facility has sat empty for several years. Iconacy plans to move into the former manufacturing plant and develop and manufacture medical devices on the site. The company currently has 13 employees and plans to add 50 more jobs in the next four to five years.
The company also plans to invest nearly $2 million in personal property including manufacturing equipment such as CNC mill machines and related tooling, and IT equipment and software, according to the online report. Work at the facility is expected to begin in August with sales starting in September. All work at the facility is expected to be completed by February 2016.
According to Business Week, the company designs and manufactures orthopedic products, namely, orthopedic joint implants and surgical instruments. The company was incorporated in 2009. Key executives include: President and CEO Thomas Allen; Director of Product Design Ann Harman; Senior VP of Research and Development Roy Hori and company founder, Andrew Hodge, M.D., a knee surgeon from Jupiter, Florida.
According to Dr. Hodge’s online Curriculum Vitae, he holds four U.S. Patents, including: “Prosthetic Knee Implant For An Anterior Cruciate Deficient TKR”; “Femoral Preparation Instrument System And Method”; “Screw Anchored Joint Prosthesis”; and “Internal Joint Brace System And Suture Anchor Assembly”.
Following the unanimous vote to approve the abatement, according to staceypageonline, a round of applause was given by the council in honor of Warsaw’s newest orthopedic business.
