Teleflex to consolidate local operations in Morrisville
A subsidiary of the Pennsylvania-based medical device company Teleflex Inc. is planning to move its Durham County operations into a new building in Wake County, and to add 75 jobs there.
Currently, Teleflex employs 442 people in two different buildings in Durham near the Research Triangle Park, according to a news release from Gov. Pat McCrory’s Press Office. Jake Elguicze, treasurer and vice president of investor relations for Teleflex, said the planned move will allow all of the workers to be in one location, which will have room for growth.
“Our business has flourished in North Carolina since the early ’90s, thanks to the talent and dedication of our people,” Benson Smith, Teleflex’s chairman, president and CEO, said in a statement. “Our company is growing, and this new facility will provide our employees with a world-class environment for collaboration, innovation and career growth.”
The company is moving into a new building in Perimeter Park in Morrisville. The park is being developed by Indiana-based real estate investment trust Duke Realty Corp. Construction is under way on the six-story office Perimeter Three building, which will be visible from Interstate 540. Construction is expected to be complete in September.
In the new location, Teleflex plans to create the 75 new professional and technology-based jobs across three years, according to the release.
The additional jobs are expected to bring $5.4 million annually in payroll to the state, which would mean an average wage of $72,000 a position. The actual salaries will vary by function.
The construction and lease of the new facility is expected to mean an investment of $20 million.
The project was made possible in part by a performance-based grant from the One North Carolina Fund of up to $200,000.
The fund provides financial assistance to help attract business projects that can stimulate economic activity and create new jobs in the state.
Companies receive no money up front, and must meet job creation and investment performance standards to qualify for the money. The grants also require, and are contingent upon, local matches.
Teleflex is a provider of medical devices for critical care and surgical procedures. Based in Limerick, Pa., it employs about 11,200 people around the globe. Its workers in the Triangle work in sales, marketing and in research and development, Elguicze said.
In the third quarter, the company reported net revenues of $413.8 million, which were up 12.4 percent compared with the same period in the prior year. The company’s shares closed Thursday at $92.09 per share, down 74 cents compared with the previous close.