Conventional wisdom says businesses regularly leave Michigan to consolidate operations out west. Terumo Cardiovascular Systems is turning that idea on its head.
The global medical device company is consolidating its manufacturing and R&D operations in Ann Arbor from California. It's a move that will bring in $3.5 million in investment and create 65 new jobs by 2014, a 20 percent jump in the firm's local employee count.
The new jobs will range from professional to manufacturing positions. Terumo Cardiovascular Systems will expand its Ann Arbor offices to accommodate that growth, including building a new chemistry lab. Feel free to say, "Neener, neener, neener!" now.
"We're definitely in a growth mode in an industry that will continue to evolve," says Mark Sutter, President and CEO of Terumo Cardiovascular Systems.
The firm develops, manufactures and markets a wide range of medical devices used in cardiac and vascular surgery, such as heart-lung machines.
The company's line of products have been used in millions of heart surgeries worldwide and are used by surgery teams in nine of the Top 10 U.S. heart hospitals ranked by U.S. News and World Report. The company estimates its products are used in more than 1000 cardiac and vascular surgeries daily, such as coronary artery bypass grafting, valve replacements and even heart transplants.
The Japan-based company (founded in 1921) is aiming to maintain double-digit growth with new products while continuing to increase market share in its existing product lines. Last year's annual sales surpassed $3 billion. While in Ann Arbor the firm plans to look at acquisitions and forming partnerships as it expands.
Source: Mark Sutter, president and CEO of Terumo Cardiovascular Systems
Writer: Jon Zemke
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