Resonetics has opened its new Costa Rica site. [Photo courtesy of PROCOMER]
Resonetics has opened a manufacturing facility in the Coyol Free Zone in Alajuela, Costa Rica.
The nitinol supplier’s expansion will create 300 jobs over three years, according to Trade and Investment Promotion Agency of Costa Rica (PROCOMER), the agency that promotes Costa Rican exports.
PROCOMER said Resonetics is spending $10 million to build the new plant and will invest at least another $15 million in the next three years, The 54,000-ft² building includes new offices and advanced production areas. The expansion will complement the facility in the same industrial park that Resonetics already had and expanded in 2021.
Resonetics has been in Costa Rica since 2016 with an initial team of 16 employees. Resonetics Operations SVP Dave Mitchell says the Costa Rica site is now the company’s largest — at more than 550 employees — “and has been instrumental in our success serving our medical customers globally.”
“Costa Rica’s thriving medical device ecosystem, highly skilled workforce, and strong government/industry collaboration have made this a location of choice to support Resonetics continued strong global growth,” Mitchell said in a news release.
Medtech in Costa Rica
Lower production costs and economic incentives have drawn a growing number of medtech OEMs, contract manufacturers and suppliers to Costa Rica.
The latest Resonetics facility “reaffirms the confidence that both national and foreign investors have in the support provided by the Government of the Republic,” Minister of Economy, Industry, and Commerce (MEIC) Francisco Gamboa said in the release. “It also underscores the significance of the medical device industry in the country, which strongly believes in Costa Rican talent and human capital. We will continue to eliminate bottlenecks and bureaucratic obstacles to create a better business environment for the productive sector, thereby generating new employment opportunities. The Ministry of Economy, Industry, and Commerce celebrates business initiatives that drive innovation and technological development, further establishing the country as a strategic location for the global industry.”
Nearly 100 medical device companies now operate in Costa Rica, according to Vice Minister of Foreign Trade Indiana Trejos.
Recent Costa Rica projects including openings, expansions and acquisitions by Johnson & Johnson MedTech, Inari Medical, Trelleborg, ProMed Molded Products, Cretex Medical, Cadence, Solesis, TekniPlex Healthcare, Biomerics and Intricon.
PROCOMER said Costa Rica is now the top exporter of medical device products in Latin America, shipping out 44 types of devices worth more than $4.1 billion in the first half of 2024. Costa Rica now has more than 55,000 employees in the life sciences sector.
“The expansion of companies like Resonetics further solidifies our position as a key hub for the sector, driven by our commitment to creating ideal investment conditions and aligning our workforce with industry needs,” PROCOMER GM Laura López said.
Click here for Medical Design & Outsourcing’s nitinol resource page, including supply chain updates, medical device applications and nitinol know-how.
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Publish date : 2024-09-05 08:23:00
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