Iconacy Orthopedic Implants, LLC, an orthopedic developer and manufacturer, recently announced plans today to expand its operations in Warsaw, Indiana.
The company, which produces and markets a total hip replacement system, will create up to 50 new jobs by 2015. The company currently employs 14 Hoosiers, plans to begin hiring additional manufacturing, engineering, finance, marketing and administrative positions beginning next year.
Iconacy invested $2.63 million to expand its operations
"With over 100 years of rich experience and seasoned talent in orthopedics, Warsaw is the ideal strategic setting for doing business in this entrepreneurial endeavor focused on changing the orthopedic space," said Tom Allen, CEO Iconacy.
Known as the "Orthopedic Capital of the World," Warsaw is home to the headquarters of some of the world's largest makers of artificial joints and related surgical instruments.
The total economic impact of Kosciusko County’s orthopedic establishments on the state was an estimated $3.7 billion in 2009, nearly one percent of Indiana’s total economic output, according to a 2011 study released by the Kelley School of Business and OrthoWorx.
"With the founding of Depuy in 1895, Zimmer in 1926 and Biomet in 1977, Warsaw has established itself as a world class community of orthopedic industry excellence," said Warsaw Mayor Joseph Thallemer. "Today, I am pleased to welcome Iconacy Orthopedics with their line of hip, knee and shoulder systems, as our newest innovator."
Founded in 2009 in Warsaw, Iconacy was formed by Tom Allen, Dr. Roy Hori, Dr. W. Andrew Hodge and Ann Harman after several orthopedic surgeons indicated they were in need of a clinically-proven and economically-priced hip implant system. With plans to produce all of its products in the United States, the company develops and manufactures a total hip replacement system under the trademark name I-Hip and provides instruments used by orthopedic surgeons in the implantation process.
The Indiana Economic Development Corp. offered Iconacy Orthopedic Implants, LLC up to $575,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Warsaw approved additional property tax abatement at the request of the Kosciusko Economic Development Corp.