January 19, 2022

Robotic Surgery Market Giant Medtronic is planning to collaborate with CEVA to invest $250 Mn in Memphis to create 265 new jobs

One of the world’s best medical device manufacturers Medtronic will most probably move its Memphis operations to a broader facility on Airways Boulevard, as a part of a plan to expand its operations nationwide.

A part of the new space would be provided to CEVA Logistics, which will have the possibility to create 265 new jobs in the future.
In the upcoming 17 years, Medtronic is planning to invest more than $130 Mn on this new facility and CEVA is willing to spend $126 Mn, including the cost of building and types of machinery. The annual salary for these new jobs will be around $49,000. However, Medtronic and CEVA personnel stated on Wednesday that the estimated salaries could change in due course of time for attracting the top-tier employees if there is any current labor shortage.
The VP (vice president) of the North American operations for Memphis-area resident and CEVA, Bob Scott, said the company has tied its knots with Medtronic on other projects all across the globe.
The Economic Development Growth Engine for Memphis and Shelby County rewarded Medtronic with a 15-year payment-in-lieu-of-taxes incentive to fund the entire relocation process. The PILOT was granted after an in-depth discussion where it was agreed that the 2 companies will be the joint recipients of the PILOT and will together be held to the respective associated obligations.
The manufacturer has framed a concrete plan to move into a more than 1 Mn-square-foot facility at 5300 Airways Blvd. According to the PILOT application. Approximately, 300,000 square feet will be required for light manufacturing and nearly 700,000 square feet are needed for CEVA to use as a distribution center only for Medtronic. Moreover, Medtronic has planned to retain the present 365 employees in its Memphis branch.