James City County, Virginia, and its Economic Development Authority are pleased to announce that AVID Medical, Inc., will undertake a $3.5-million expansion of its plant at Stonehouse Commerce Park. This medical products company, formed in the County in 1997, plans to double both its existing 45,000-square foot facility and its 150-person employee base, growing to 300 jobs over the next three years. The expansion facility is expected to be completed by the second quarter of 2003.
According to Michael Sahady, President, CEO and founder of AVID Medical, "The company has experienced phenomenal growth in both its customer base and order volumes during the past year, driving our need for more production capability. We expect to do $40 million in sales this coming year." AVID manufactures, markets and sells medical devices and sterile procedure-ready kits for less-invasive cardiovascular and peripheral catheter procedures in the health care industry. "The strategic interstate access and the quality of development afforded us by our James City County location at Stonehouse has served us well," added Sahady.
Sahady has a long history of success in the medical devices field. In 1976, he was the founder and Chief Executive Officer of MedSurg Industries based in Herndon, VA. MedSurg was acquired in 1994 by Isolyser, Inc., headquartered in Norcross, Georgia. Sahady subsequently became President of Isolyser Health care, Executive Vice President of Isolyser Corporation, and a member of Isolyser's Board of Directors.
"AVID Medical obviously made the right decision by choosing James City County's diverse and expanding business environment to launch its medical products company," said Stonehouse District Supervisor and County Board Chairman Jim Kennedy. "We wish them much continued success."
"AVID Medical has been a good fit for Stonehouse and James City County," stated County EDA Chairman Sterling Nichols. The medical devices industry has been one of our County economic development team's target industry sectors. Our community assets package is appealing to such companies, so we look forward to AVID growing and prospering here.
Sahady credited James City County's economic development team for its proactive assistance during the company's expansion deliberations. "AVID investigated many locations in Virginia as well as other East Coast states during our initial site search," said Sahady. "At that time, we made our choice based on the strong integrated pro-business attitude shown us by the State, region and County economic development groups and the help and sincere concern they all demonstrated. It's over four years later, we're ready to grow, and that same attitude, help, and concern is still there."
James City County's EDA will provide assistance with AVID's expansion site acquisition at Stonehouse Commerce Park and with project financing. An industrial revenue bond financing application by AVID Medical is scheduled to be acted on by the EDA at its May meeting.