Smith & Nephew Inc. has secured tax incentives from the city of Fort Worth as the firm plans to make Cowtown the U.S. headquarters of its Advanced Wound Management division.
By 9-0 vote, the City Council on Tuesday July 28 approved proposals that pave the way for more than 200 new jobs while saving the company thousands of dollars in taxes.
Specifically, the company secured a five-year, $250,000 incentive on the incremental real and business personal property taxes for a 55,000-square-foot building it plans to lease at Chisholm Trail Parkway and Clearfork Main Street. To seal the deal, the London-based maker of wound care and surgical products agreed to add 80 positions to its local staff by Dec. 31, 2021, pushing total staffing to 250, with an $85,000 average salary for all full-time employees.
“Fort Worth is known for its international business connections, distribution and trade, so we are a great fit for Smith & Nephew,” said Mayor Betsy Price, who recently met with company officials in London.
The company employs almost 14,000 employees in more than 100 countries and last year recorded $4.6 billion in annual sales. It acquired Fort Worth-based Healthpoint Biotherapeutics, a wound management firm, in December 2012.
“The Fort Worth area offers us an ideal location for our AWM [U.S. Headquarters,” said Glenn Warner, president, Smith & Nephew Advanced Wound Management, commenting in a statement.
Fort Worth’s employment resources, central location and proximity to Dallas/Fort Worth International Airport played into the company’s decision, according to Glenn Warner, president, Smith & Nephew Advanced Wound Management.
Meanwhile, Galderma Laboratories LP secured tax incentives of its own. The skin care products producer received a 10-year, $635,000 tax incentive for a $13.8 million, 100,000-square-foot addition to its north Fort Worth headquarters. The expansion will create 342 new jobs, pushing its local workforce to 622 employees by Dec. 31, 2020. The positions carry an annual average salary of $110,000.
The building, planned for the northeast corner of Texas Longhorn Way and Heritage Parkway, is planned to house the company’s marketing, regulatory affairs, sales and training operations.