Published on : Sep 22, 2015
Memry Corp, a Bethel medical device maker that manufactures surgical instruments, medical implants, and other medical devices, lately completed its major development that increased its business capacity by a third. The company’s $8 mn project was funded by a $2.7 mn incentive from the state Department of Economic and Development, announced in 2014. Around $1.3 mn of the borrowed loan is considered to be forgivable, only if the company is able to retain 153 of its employees by 2017 while adding 76 workers into its ranks. Around 50 workers have already been hired, immediately after the completion of expansion. With this, the company has marked an increase in the staffing levels by 25%.
The new manufacturing capacity and space was required so as to continue meeting the growth needs of parts such as stents, and blood clot filters that are prepared from nickel titanium and are implanted into the body. John Tommessilli, the director of operations for Memry, said that their customers will take as much amount as the company can produce. Around 15,000 square feet area was added by the company to its existing 30,000 square foot area that includes the headquarters and its manufacturing facility, located in the Berkshire Corporate Park. Stephen Bull, the president of the Greater Danbury Chamber of Commerce said that it is always encouraging to receive incentives and support from the government.
Stephen further said that there are certain industries that the company wants to maintain that offer high paying jobs and value added services, as required in high-cost states such as Connecticut. Memry was featured in the American Stock Exchange till 2008, when SAES Getters Group acquired it for $78.4 mn in Milan, Italy. Around 95% of the component manufactured by Memry are utilized in the medical device sector in fields ranging from pulmonary to neurosurgery.
Marcy Macdonald, the vice president of Memry, said that with limited space, there was hardly any room for accommodating new equipment in the company. But now, with expansion plans, Memry is set for growth, thus contributing more in the medical device industry.