Precision Concepts Medical Technologies will expand molding operations in Costa Rica
- Company will invest US$5million in building and state-of-the art equipment.
- PCMT started operations as a tool shop and today provides premier engineering and assembly solutions as a fully integrated contract manufacturer.
San José, Costa Rica. October 15th, 2018. The multinational company Precision Concepts Medical Technologies will invest US$5 million to expand its presence in Costa Rica and build a more robust molding and engineering infrastructure.
In 1984, the company was given the opportunity to manufacture the first medical device which was the beginning of a successful path in the medical devices arena. A few years later, in 1991, it was decided to establish a manufacturing plant in Costa Rica, becoming one of the pioneer companies of one of the most dynamic sectors in the country.
Precision Concepts Medical Technologies’ journey in Costa Rica has evolved significantly over the years from being a tool shop to becoming a premier contract manufacturer, providing engineering solutions to Fortune 500 Medical Device Companies seeking a strategic partner. The company has increased its footprint 7 times and with the addition of the new facility it will reach almost 100,000 sq.
By the end of 2017, Costa Rica registered 72 multinational companies that turned the medical devices into the main product of goods exports in the country and employed more than 22,000 Costa Ricans.
The Minister of Foreign Trade, Dyalá Jiménez, said: "The life sciences sector continues to show great dynamism and has positioned Costa Rica as a regional leader in quality, efficiency and innovation. Therefore, the country has been able to attract leading companies, such as Precision Concepts. Today we celebrate that this company has chosen Costa Rica to grow and we are extremely proud to be a key partner in its strategy. From the Central Government, we receive this news with great pride which challenges us to continue strengthening our investment climate. "
“Since the inception of Precision Concepts, our philosophy has been built on the foundation of meeting or exceeding customer’s expectations. Following this path to excellence has afforded many opportunities to add additional manufacturing capabilities. We are always on the lookout for how we can advance to the next level without putting our customers in any kind of jeopardy. I am very pleased and excited to be opening this new molding facility of excellence to attain for not only ourselves but our customers that next level”, said Vince Marino, founder of Precision Concepts.
“Since 1991, Precision Concepts has been committed to providing added-value solutions to our customers at the highest quality standards by building a strong foundation for sustained growth. This has been achievable because of the excellent, skilled labor force we have found as well as the business environment and stability of the country. The journey has been challenging but rewarding at the same time, and today we are collecting the fruitful benefits of what we planted many years ago. The company has been growing at a steady pace over the last years and it is ranked as one of the top 10 preferred vendors by leading OEMs”, said Enrique Arguelles, vice president of operations at Precision Concepts.
Jorge Sequeira, Managing Director at the Costa Rican Investment Promotion Agency (CINDE), said: “Precision Concepts is one of the leading companies within the medical devices industry, that also allowed other corporations within the sector to find a high-quality services supplier for manufacturing processes that require precision and quality. This announcement reaffirms that Precision Concepts grows constantly and adapts to the clients’ necessities, which goes hand-in-hand with its global development. These types of companies promote the country as the second main medical devices exporter in Latin America.”
The company will announce its hiring plans in the upcoming months, which seeks to expand in different areas in the country’s operation.
To date, Precision Concepts employs Costa Ricans specialized in engineering, technicians and operators, some of which have been trained by the company, turning them into highly qualified talent for the country’s Life Sciences industry.
About Precision Concepts Medical Technologies
Precision Concepts Medical Technologies is a privately held, engineering-based contract manufacturer. The company was originally founded in 1976 in Long Island, New York. The company started as a precision metal stamping company, and it steadily grew until it became a multi-building campus in the early 1980’s. In 1984, it started to serve the medical device industry, and in 1990 the company relocated its manufacturing and headquarters to Winston Salem, North Carolina. At the same time, the company decided to open its facility in Costa Rica to venture in a new path in the medical devices field.
It offers a wide variety of services and capabilities including molding, tooling, stamping, automation, assembly, supply chain management, contract sterilization, just to mention a few.