A division of ArthroCare Corp. has an agreement with Zona Franca Coyol (minutes west of the San Jose airport) to acquire property in Costa Rica for a new manufacturing facility.

ArthroCare Costa Rica  will pay US$4.9 million for the property and US$19.9 million for construction of the facility. ACR also plans to enter into a separate contract for design, architecture, engineering and construction management services, according to a Monday filing with the U.S. Securities and Exchange Commission.

Austin-based ArthroCare, which was founded in 1993, develops surgical products designed to enable minimally invasive procedures. The company employs 1,700 workers.

In May, it posted a first-quarter profit of US$13.5 million on US$92.3 million in revenue, versus a US$12.9 million profit on US$92.8 million in revenue during the same period in 2012.

Last week, ArthroCare’s former CEO and former chief financial officer were charged by federal officials with allegedly leading a US$400 million fraud to inflate company earnings from 2005 to 2008. They surrendered, authorities said.


Stay up to date with the latest stories by signing up to our newsletter, or following us on Facebook.