NuVasive Inc. (NSDQ:NUVA) said today that it’s planning a significant boost to its manufacturing footprint, scouting locations around the world for a planned, 130,000-square-foot plant.
San Diego-based NuVasive said the plant is expected to employ about 300 workers. A decision on where to site the plant is slated to be made by the end of the year; the company said it hopes to have the facility on line by the end of 2016.
“This new manufacturing facility reflects the demand for NuVasive’s innovative spine technology. Along with providing additional capacity to meet this rising demand, our new state-of-the-art facility will further our commitment to expand our internal capabilities to self-manufacture our spinal products and select instruments over time. In addition to providing expanded capacity to meet increased demand, the expansion of our manufacturing facility footprint will enable NuVasive to realize increased operating efficiencies and further our ability to achieve our goal of 20%+ operating margins as we drive beyond $1 billion in revenue. As we continue to move towards greater self-manufacturing, we also expect to strengthen our strategic relationships with key vendor partners to complement our internal efforts,” chairman & CEO Gregory Lucier said in prepared remarks.
“With our expanded manufacturing efforts, we are delighted to support our communities with new investments and new jobs as we continue to transform spine surgery with the cutting-edge innovative products and procedures that NuVasive is known for. This new facility not only represents growth for NuVasive, but also for the city where it will ultimately be located. NuVasive is an active corporate citizen in the communities in which we operate, and we look forward to the new partnerships that could be established through this site selection,” Lucier said.
NuVasive said it will provide an update on its plan to finance the plant once it’s chosen a site.
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