Gov. Perry Announces $6 Million Investment in Medtronic Diabetes
Gov. Rick Perry today announced the state will invest $6 million through the Texas Enterprise Fund (TEF) in Medtronic Inc. to open a new facility for its diabetes business unit in San Antonio, creating nearly 1,400 new jobs and generating more than $23 million in capital investment.
“By expanding their diabetes division in San Antonio, I believe that Medtronic is sending a clear message that the core strength of Texas’ economy, built on our low taxes, fair legal system and predictable regulatory climate make the Lone Star State the best place to live, work and raise a family,” Gov. Perry said. “These factors, combined with our quality workforce and a $6 million investment from the Texas Enterprise Fund, make it possible for us to make today’s announcement about more jobs for Texans.”
“The Texas Enterprise Fund was an important part of our decision to expand to Texas, and we are excited to add the city of San Antonio to the Medtronic family, and look forward to becoming an active member of the growing biomedical community in South Texas,” said Chris O’Connell, president of the Diabetes business and senior vice president at Medtronic. “Medtronic offers exciting and fulfilling career opportunities helping people with chronic diseases live healthier, more productive lives.”
Medtronic, Inc. is a global leader in medical technology, helping restore health and improve the quality of life for millions of people around the world. Medtronic Diabetes is a leader in advanced diabetes management solutions, including integrated diabetes management systems, insulin pump therapy, continuous glucose monitoring systems and therapy management software.
"Today's announcement is the result of a great public and private sector collaborative effort," said Speaker Joe Straus. "Medtronic's decision to create jobs in San Antonio is proof that our dedication to low taxes and reasonable regulations continues to make Texas the best state in which to do business in the country."
"The decision by Medtronic to bring 1,400 jobs to Texas is great news for San Antonio and the rest of our state and is further proof business opportunities remain stronger here in Texas than virtually any other state in America," Lt. Governor Dewhurst said. "Beyond the immediate impact of this announcement, it's my hope Medtronic, and other new companies, will spur more growth in Texas' medical industries."
At Gov. Perry’s request, the legislature created the TEF in 2003 and re-appropriated funding in 2005 and 2007 to help ensure the growth of Texas businesses and create more jobs throughout the state. The fund has since become one of the state’s most competitive tools to recruit and bolster business. To date, the TEF has invested more than $377 million and closed the deal on projects generating nearly 54,000 new jobs and $14 billion in capital investment in the state.
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