Universal Meditech has relocated its manufacturing and research and development operations to a 20,000 square-foot space at Fresno's North Pointe Industrial Business Park. Photo via City of Fresno
Written by The Business Journal Staff
A medical device manufacturer that just recently relocated to Fresno has been awarded a state tax credit to aid expansion plans.
Universal Meditech will receive a $360,000 tax credit through the Governor’s Office of Business and Economic Development California Competes program. In turn, Universal Meditech plans to invest $90,000 in intellectual property and tenant improvements at its 20,000 square-foot space at the North Pointe Industrial Business Park, as well as hire 15 employees in the next three years.
Universal Meditech assembles medical testing kits such as pregnancy, ovulation and menopause tests. It relocated here to Fresno from Tulare earlier this year.
Zhaoyan Wang, Universal Meditech CEO, attributed lower costs, location and access to a diverse pool of capable employees in making the decision to move to Fresno.
Past recipients of the California Competes tax credits include $4.25 million for gap to expand its Fresno e-commerce fulfillment center and Ulta Beauty with $8 million for its e-commerce center.
Started in 2014, California Competes offers tax credits to companies that want to relocate, remain or expand in the Golden State. The companies are required to honor a five-year agreement with the state promising to meet annual targets for job creation and financial investment.
The California Competes Tax Credit committee approved a total of $70 million in tax credits for 35 companies Thursday. The largest awards — $10 million each — were given to San Francisco-based Brex Inc., which issues corporate credit cards to startup technology companies, and California Ethanol & Power LLC, which is building an ethanol plant in Brawley.