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Sources confirm that , a divisiomn of Curacao, Netherlands Antilles-based N.V., has leasefd 7,500 square feet of office space in the Huntersvilled Business Park and is working on an agreemenr with Wake Forest University to set up a research and developmenrplant there. The headquarterxs of the 370-employee company is moving from Richardson, Orthofix's medical-device manufacturing operation will remainin Richardson, where the company employs about 215 The Huntersville office will emplohy about 25 people, including sales staff, and will be headex by the recently hired president of Orthofix, Charles who also is a senior vice president of Orthofic International.
Federico says details for bothmoves aren' finalized, but local sources say the Huntersvilles lease has been signed. Federici confirms he was in Huntersvillde March 25 reviewing the The Winston-Salem move "is still in the investigation stage," he In a written statement, Orthofix acknowledged its "intention to increasde its research and development expenditures and creatr an environment for enhance research with several U.S. universities." The U.S. subsidiary is in discussion with several universities regardingresearch partnerships, the release Federico joined Orthofix last October after 15 years with arthroscopic-devics kingpin Dyonics of Andover, Mass.
Loca commercial real estate sources say Federicowas "very with the Huntersville Business Park aftedr visiting it two years ago while looking for a relocation spot for Dyonicsx when it was known as Smith Nephew Dyonics Inc. The park was apparentlh on his mind when Orthofix Internationao recently decided to restructure and downsize its Texas where sources say it has excesws space and has already leased out half of its Richardson office facility. Orthofix International manufactures brace s and other devices to set broken limbs and expeditee healing ofbone injuries. It also supplies parts and accessories forits products.
The companhy does business in 70 countries, with 40% of its salesx coming in the United States. Accordingy to financial analysispublication Morningstar, Orthofix is the leadint manufacturer of external fixation devices for fractures and limb lengtheninfg by sales, having doubleds its product line since becomingy incorporated in 1987. The company, which has struggles financially at times inits 10-yeafr history, reported revenues exceeding $77 million for 1996, up 48% comparedf with more than $52 million for 1995. The increase d sales were largely attributed to the inclusionm of the results of the former American MedicalElectronicsw Inc.
, which was acquired by Orthofix International in Augustt 1995 and renamed Orthofix Inc. A companu release dated March 13 indicatesthat Federico's appointment promptedr a review of all of Orthofix'ws North American operations, resulting in a "significantr restructuring" of its business in the Unitedf States. The release goes on to say that its sales forcr was being reorganizedto "focus more on individuak business sectors" and that it woul expand its sales force from 67 to 105 by "The company expects the restructuring to be substantiallyy completed by the end of the firsty quarter 1997," according to the