NuVasive, Inc. Plans to Invest $75 Million, Add 17 Jobs in Memphis Operation
Published: Jun 18, 2012
NuVasive Inc. is seeking a 10-year tax abatement to help the medical device manufacturer add 17 jobs and invest $74.9 million in its Memphis distribution facility.
The project will create about $4.5 million of new tax revenue in Memphis and Shelby County, according to the Economic Development Growth Engine for Memphis & Shelby County. The payment-in-lieu-of taxes abatement would save NuVasive (NASDAQ: NUVA) $3.6 million throughout its term.
The San Diego-based company plans to add equipment to its existing Memphis operation at 4670 Shelby Drive. It will release more details of its plan at the EDGE’s next board meeting, scheduled for June 20.
NuVasive, a medical device manufacturer focused on spinal products, operates a 123,000-square-foot regional of?ce and distribution facility in Memphis, the ?rst facility of its kind opened outside of the company’s California home.
NuVasive received a PILOT in 2006 when it ?rst opened the then 100,000-square-foot facility, employing 50 people. The 17 additional positions will earn on average more than $49,000 and take the total number of local employees to 163.
NuVasive made headlines last year when a federal jury in San Diego ruled against it in a patent infringement lawsuit brought by Medtronic Inc. A jury in September 2011 awarded Medtronic $101.2 million, ruling that NuVasive infringed on three patents owned by Warsaw Orthopedic Inc., a unit of Medtronic.
The jury also found that Medtronic (NYSE: MDT) — which has its Spinal and Biologics division based in Memphis — owed NuVasive $660,000 in damages for infringing on another patent.
A judge upheld the verdict in January, according to a Bloomberg report.