Medical technology giant Smith & Nephew is thinking of expanding a factory and laboratory facility on Vickery Boulevard that would add 100 jobs and is asking the city for a tax abatement to help with that project.
Smith & Nephew Biotherapeutics is located at 4900 Vickery Blvd., the former location of Healthpoint Biotherapeutics, a developer of “bioactive” wound treatments that Smith & Nephew acquired in 2012. The British company has already done extensive renovations to the property.
The city has offered a five-year abatement on 55 percent of real property taxes once the $25.7 million expansion is completed. That would save the company about $530,000. The City Council will vote on the incentive June 20. This would be the second incentive for the company.
Under terms of the new deal, Smith & Nephew would receive the abatement by meeting certain hiring and spending criteria. The largest part of the incentive is based on hiring Fort Worth residents, and in particular residents who live in the central city, or within Loop 820.
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The company already employes 83 workers at the site, but would have to add 100 jobs by Dec. 31, 2022.
Robert Sturns, the city’s economic development director, said the city has been wanting to attract more biotech-related firms to Fort Worth. He said Smith & Nephew is also looking at two New Jersey locations and one in Curacao for possible expansion.
“This would be a nice addition to our biotech industry,” Sturns said. “This project will allow them to really build end-to-end manufacturing capabilities for one of two of their key brands in their portfolio.”
Councilman Dennis Shingleton said Smith & Nephew adds to the city’s medical manufacturing quiver, which could help attract other businesses to Fort Worth.
In July 2015, the City Council approved a five-year, $250,000 incentive for the company’s U.S. headquarters of its Advanced Wound Management division.
The London-based firm leased office space in the Clearfork development along Chisholm Trail Parkway on the city’s southwest side for the division’s marketing, sales and finance staffs. The company moved about 100 employees to Fort Worth from St. Petersburg, Fla.
Under that deal, Smith & Nephew must increase its staff to 250 employees by Dec. 31, 2021 to receive the full incentive.
Smith & Nephew was founded in Hull, about 200 miles north of London, more than 160 years ago by Thomas James Smith. It has grown from a pharmacy to a global supplier of advanced medical devices with approximately 15,000 employees.
During World War I, the company specialized in the supply of field dressings. Today, the company said it makes products for healthcare professionals in more than 100 countries. It reported nearly $4.7 billion in sales in 2016.