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California To Texas
ByAnna Butler – Managing Editor - News, Dallas Business Journal
A global medical technologies company is relocating its corporate headquarters from California to North Texas.
The latest in a steady stream of moves from California to Texas, DJO plans to move its operations from San Diego to Lewisville within the first few months of 2019, according to a release.
The corporate office will be located at 2900 Lake Vista Drive.
The company provides products that assist in injury prevention, rehabilitation and more. DJO's product lines include orthopedic bracing, hot and cold therapy, therapeutic shoes and inserts and compression garments, among others.
DJO, which recorded $1.2 billion in sales in a recent 12-month period, said that the move will create hundreds of new job opportunities in the region. The company already employs 200 at a new distribution center in Fort Worth that opened a few months ago.
DJO President and Chief Executive Officer Brady Shirley said the company made the decision to move to the region due to its "strong and larger" talent pool, more efficient access to customers, and to take advantage of Texas' "better" corporate environment.
This relocation comes less than a month after the company announced it was changing ownership. On Nov. 19, Colfax Corporation (NYSE: CFX) said it had entered into an agreement to acquire DJO from Blackstone in a $3.15 billion all-cash deal.
The Maryland-based company, which specializes in technology that provides air and gas handling and fabrication products and services, said the move reflected Colfax's intent to diversify its portfolio at the time of the deal's announcement.
"We see significant opportunities to apply our proven Colfax Business System across DJO to create a continuous improvement culture, further improve productivity and margins, and accelerate innovation and new product development," said Matt Trerotola, president and CEO of Colfax, in the release.
DJO's Bracing and Supports and Consumer units will remain in San Diego. It had EBITDA of $269 million for the twelve-month period ending September 2018.
DJO is following a Fortune 500 health care giant into Texas.
Two weeks ago, McKesson Corp. (NYSE: MCK) announced plans to move its global headquarters from San Francisco to Las Colinas.
"Making this move will improve efficiency, collaboration and cost-competitiveness, while providing an exceptional work environment for our employees," John H. Hammergren, McKesson’s chairman and CEO, said in a prepared statement.
And a few months earlier, Core-Mark (NASDAQ: CORE) also said it will move its headquarters to Dallas-Fort Worth from San Francisco in 2019.