Orchid has broken ground on a new 28,400-square-foot manufacturing site in Pune, India.
Here are five things to know:
1. Orchid India currently offers orthopedic, trauma and spine components machining and precision engineering. Locating a facility in India will provide unique opportunities for Orchid customers in a region that is quickly expanding and demanding products, according to the news release.
2. The new facility plans to service the Asian market as well as global customers looking for additional manufacturing options. The ground breaking ceremony occurred on May 20. "We are very proud of all the work our Asia team performed to make this dream a reality. Our customers are just as excited as we are to move into a new facility," said Jorge M. Ramos, chief administrative officer.
3. The company is growing rapidly. In April, it opened a $1 million manufacturing facility in Jackson, Tenn. The new facility is an expansion of the company's Arab, Ala., facility. It is using the Jackson facility to machine instruments, while finishing, assembly and inspection will be done at its facility in Alabama.
4. The company includes more than 1,700 employees and 13 facilities worldwide. Mike Miller serves as its CEO and Robert Tate is the CFO.
5. The company has chosen an opportune time to enter the Asia Pacific market. The Asia Pacific market for spinal implants and bone graft substitutes — including Australia, South Korea, China and India — will more than double through 2022 and the market will reach a value of nearly $7 billion over the next eight years, according to a Decision Resources Group report. The less-developed markets — India and China — will undergo rapid expansion while growth in Australian and South Korean markets will be more modest.
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