Merit Medical to expand, bringing thousands of jobs to South Jordan
Nov 20, 2018 10:21AM
● By Jennifer Gardiner
Merit Medical campus in South Jordan. (Photo courtesy Merit Medical)
By Jennifer Gardiner | [email protected]
Merit Medical of South Jordan is expected to expand, bringing thousands of jobs to the city and nearly millions of dollars in revenue to the State of Utah.
The Governor’s Office of Economic Development recently announced that Merit Medical Systems, Inc. would also bring an estimated $505 million in capital investment.
Mayor Dawn Ramsey said city officials are thrilled to have Merit Medical expanding in South Jordan.
“They have many options as to where to grow their business, so having them choose to do so here is a big deal,” said Ramsey. “Both myself and our director of commerce, Mr. Brian Preece, appreciate the chance to work closely with Mr. (Fred) Lampropoulos and his Merit Team in ensuring this expansion is able to take place.”
Ramsey said officials work hard to bring these kinds of projects to South Jordan.
“Merit’s expansion will contribute to the strength of our economic base for decades, and we look forward to continuing our excellent relationship between the city and Merit Medical,” said Ramsey. “This expansion will be a benefit to our entire area.”
“Merit is a homegrown company that has responsible growth, great tech and demonstrated success. This internationally known company is saving lives, and we could not be more proud to have them call Utah home,” said Val Hale, executive director of GOED.
Merit Medical is a manufacturer and marketer of disposable medical devices used in intervention, diagnostic and therapeutic medical procedures. The company’s worldwide headquarters are in South Jordan, but it also has manufacturing, research and development facilities in seven other countries around the world.
Fred P. Lampropoulos, Merit Medical chairman and CEO, said they are appreciative the state of Utah is willing to invest in it as a homegrown company dedicated to improving the lives of patients and building long-term opportunities for our children and grandchildren.
“We are hiring students from our state’s great institutions of higher education as engineers, mathematicians, statisticians, marketing and business professionals,” Lampropoulos said. “We are committed to growing our business with local talent in all areas.”
The Merit Medical jobs will be created over the next 15 years with total wages exceeding 110 percent of the average county wage.
Ramsey said with the creation of 2,433 jobs with an average wage of nearly $55,000 (not including benefits) and nearly 1,000 jobs with an average wage of $92,000, it will increase that payroll projection to at least $161 million.
“Utah-grown Merit Medical just keeps growing,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We can’t wait to see the company go after its ambitious goals and solidify its leadership in the medtech space.”
Merit Medical will be allowed to earn up to 25 percent of the new state taxes they will pay over the 15-year life of the agreement in the form of a post-performance Economic Development Increment Finance tax credit rebate. The GOED has approved a tax credit rebate and each year that Merit Medical meets the criteria outlined in their contract, it will earn a portion of the total tax credit rebate.
Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture and distribution of proprietary disposable medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force and clinical support team totaling in excess of 300 individuals. Merit employs approximately 5,600 people with facilities in Utah, Texas, Virginia, Pennsylvania, Massachusetts, California, The Netherlands, France, Ireland, China, Mexico, Brazil, Canada, Australia, Japan and Singapore.
The Utah Governor’s Office of Economic Development, under the direction of Gov. Gary R. Herbert, provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah.