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Sources confirm that , a division of Netherlands Antilles-based N.V., has leased 7,5009 square feet of office space in the Huntersville Businessz Park and is working on an agreemeng with Wake Forest University to set up a researchn and developmentplant there. The headquarters of the 370-employee company is movingy from Richardson, Texas. Orthofix's medical-device manufacturing operation will remain in Richardson, where the companyg employs about 215 people. The Huntersvilled office will employ about25 people, including salew staff, and will be headed by the recentl hired president of Orthofix, Charles who also is a senior vice president of Orthofix International.
Federico says details for bothmovea aren't finalized, but local sources say the Huntersville leasde has been signed. Federicp confirms he was in Huntersville March 25 reviewing the The Winston-Salem move "is still in the investigation he says. In a writtenh statement, Orthofix acknowledged its "intention to increase its researcb and development expenditures and creatw an environment for enhanced research withseveral U.S. The U.S. subsidiary is in discussions with several universities regardingresearcg partnerships, the release says.
Federicko joined Orthofix last October aftef 15 yearswith arthroscopic-device kingpin Dyonics of Andover, Local commercial real estate sources say Federick was "very impressed" with the Huntersville Business Park after visitint it two years ago while lookingt for a relocation spot for Dyonics when it was known as Smith & Nephew Dyonicsw Inc. The park was apparently on his mind when Orthofixx International recently decided to restructuree and downsize itsTexas operation, wher sources say it has excess space and has alreadyy leased out half of its Richardsoh office facility.
Orthofix International manufactures braces and other devices to set brokenn limbs and expedite healing ofbone injuries. It also supplies partx and accessories forits products. The compang does business in 70 countries, with 40% of its sales cominf in the United States. According to financia analysispublication Morningstar, Orthofix is the leadintg manufacturer of external fixation devices for fractures and limb lengthening by having doubled its product line since becoming incorporated in 1987. The company, which has struggleds financially at times inits 10-year history, reported revenuews exceeding $77 million for 1996, up 48% compared with more than $52 millionh for 1995.
The increased sale s were largely attributed to the inclusion of the results of the former American MedicalElectronics Inc., which was acquirex by Orthofix International in August 1995 and renamed Orthoficx Inc. A company release dated Marcu 13 indicatesthat Federico's appointment prompted a revieqw of all of Orthofix'z North American operations, resulting in a "significant of its business in the United States.
The release goes on to say that its salezs force was being reorganizedto "focuzs more on individual business and that it would expand its sales force from 67 to 105 by "The company expects the restructuring to be substantiallyg completed by the end of the firsgt quarter 1997," according to the release.