Memphis One Step Closer in Landing Wright Medical Group HQ
Release date: 8/7/2013
Decision Would Be Double Win for Memphis/Shelby County 260 jobs/$10 million investment
Memphis, TN – Today Chamber member, Wright Medical Group, received approval for a Payment-In-Lieu-Of-Tax incentive from the Economic Development Growth Engine (EDGE) that brings the community one step closer in landing the company’s new corporate headquarters in Memphis. In June of 2013, MicroPort Scientific Corporation, one of the world’s leading medical device companies, purchased the Ortho/Recon Business (products to serve hip and knee patients) from Wright Medical and will occupy their former headquarters facility in Arlington, TN. Wright Medical Group’s new headquarter operations, if located in Memphis, could significantly increase our region’s position as the leading location for medical device companies in the world.
“We are hopeful that today approval will be the final component necessary to convince Wright Medical to keep this incredibly important operation in Memphis,” said John Moore, President/CEO of the Greater Memphis Chamber. ‘We have been given a very rare opportunity to be the headquarter city of not one, but two of the most significant medical device companies on the planet with great new jobs and tremendous growth potential.”
The Greater Memphis Chamber has worked closely with Wright Medical for many years as they have grown one of the largest medical device businesses in the world. The Chamber staff worked to facilitate their most recent headquarter building search and will continue to assist them to ensure they have the best workforce and business environment possible going forward.
Wright Medical’s new headquarter facility will ultimately employ 260 people with very high wages and they will invest over $10 million into this new facility. In addition, this new headquarter in Memphis would generate $18,908,881in new tax revenues for the community.
About The Greater Memphis Chamber
Celebrating its 175th year, the Greater Memphis Chamber is the lead economic development agency for Memphis/Shelby County, and is a private, non-profit, membership-driven organization comprised of 2,300 business enterprises, civic organizations, educational institutions and individuals.
About Wright Medical
Wright Medical Group, Inc. is a global orthopedic company that that provides solutions that enable clinicians to alleviate pain and restore their patients' lifestyles. The company is the recognized leader of surgical solutions for the foot and ankle market and markets its products in over 60 countries worldwide.
For more information, please refer to: www.wmt.com