On Monday, Westfield Mayor Andy Cook, Governor Eric Holcomb and global healthcare leader Abbott announced plans to develop a new manufacturing site in Indiana, creating more than 450 new jobs, in two phases, by the end of 2024. The Westfield City Council paved the way for the announcement by approving its incentive package.
“This is a great day for the City of Westfield,” said Cook. “We have worked hard to attract diverse businesses. The addition of a Fortune 500 life sciences company, like Abbott, is a big win not only for Westfield but for the state of Indiana. We look forward to welcoming the Abbott team to Westfield and showing them the caliber of people and community, they are joining.”
“We’re pleased to expand our U.S. presence by building an additional MitraClip manufacturing facility in Indiana. This facility will help in our goal to improve the health of people around the world and meet the needs of physicians and patients battling structural heart disease,” said Mike Dale, vice president of Abbott’s structural heart business.
“Indiana’s economy continues to fire on all cylinders, and global companies like Abbott are taking notice,” said Holcomb. “Operating in a global economy, Abbott had endless options, and I am incredibly grateful they chose the Hoosier state to not only grow their business and create hundreds of careers, but also improve the lives of people around the world.”
Representatives from Abbott Laboratories, David Topp (left) and Jesse McQuiston (right), were all smiles while talking to Westfield residents about their company’s announcement to develop a new $37 million manufacturing site in Westfield’s NorthPoint Industrial Park. (Reporter photo by Jeff Jellison)
Abbott is investing at least $37.6 million to build a new manufacturing facility in Westfield to support the company’s Structural Heart business. The 120,000 square-foot facility will be built in Holladay Properties’ NorthPoint Industrial Park located along U.S. 31 in Westfield. Once completed, the facility will house manufacturing for the company’s MitraClip transcatheter mitral valve repair system, which is also manufactured in Menlo Park, Calif.
Construction is set to begin later this year, with the space slated to be fully operational by 2021. Founded more than 130 years ago and headquartered in Chicago, Abbott offers products in a variety of health care specialties including medical devices, diagnostics, nutrition and medicines. The company’s MitraClip device, which will now be manufactured in both California and Indiana, is a small, clip-based device proven to repair primary and secondary mitral regurgitation without the need for open-heart surgery. To date, MitraClip has been implanted in more than 90,000 patients worldwide.
City Council action
The Westfield City Council approved 10-year real and personal property abatements. In addition, the Indiana Economic Development Corporation (IEDC) offered Abbott up to $3.5 million in conditional tax credits and up to $1 million in training grants based on the company’s plans to create more than 300 jobs by the end of 2024. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The IEDC also offered up to $750,000 to the community from the Industrial Development Grant Fund to support infrastructure improvements to the new site. The city of Westfield will consider additional incentives. Duke Energy has also approved additional incentives to offset a portion of the energy costs.
According to BioCrossroads and the Indiana Business Research Center, Indiana is the second largest exporter of life sciences products in the U.S. at $10.2 billion in total exports in 2018. Together, more than 1,750 companies support more than 56,000 Hoosier jobs with average wages of approximately $97,600 annually.