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.