Irvine-Based Edwards Lifesciences Awarded $20 Million in Sales Tax Benefits for an Expansion That Will Add Jobs
Friday, June 21, 2019
Irvine-based Edwards Lifesciences will receive up to $20 million in sales tax benefits from the state to help with an expansion project that is expected to add hundreds of new jobs, California State Treasurer Fiona Ma announced in June.
The company makes heart valves and blood flow monitoring devices to treat cardiovascular disease. In 2011, it launched its Sapien transcatheter heart valve, the first aortic valve approved in the U.S. that doesn’t require open-heart surgery to place.
Edwards Lifesciences will apply the sales tax benefits toward $239 million in upgrades to its facility, equipment, and technology, officials said.
The benefits were awarded by the California Alternative Energy and Advanced Transportation Financing Authority, created in 2010 to provide businesses with incentives to reduce air pollution, conserve energy and create jobs.
To win the tax benefit, a business must demonstrate the fiscal and environmental benefits of its project. According to Edwards Lifesciences, its improvements will reduce energy use by 10 percent and trim the amount of hazardous and solid waste produced.
Additionally, the financial benefit is expected to help retain and create 974 production jobs and 90 construction jobs, according to the state’s announcement.
Edwards Lifesciences, which manufactures most of its products in Irvine and Singapore, has about 5,000 employees at its 40-acre campus in Orange County.
“We appreciate the state of California recognizing Edwards Lifesciences’ contributions,” the company said in a statement. “We continue to grow our company in California and focus on innovative product design.”
Category: Chamber News