State Treasurer Fiona Ma Announces $20 Million in Sales Tax Aid for Irvine-Based Biotech Company Edwards Lifesciences

I’m extremely pleased to report that California State Treasurer Fiona Ma has approved up to $20 million in sales tax benefits for Irvine-based biotech company Edwards Lifesciences to upgrade and expand a facility that makes devices to treat cardiovascular disease.

This action will support the retention and creation of 974 production jobs and 90 construction jobs, primarily in Orange County.

The award to Edwards Lifesciences was one of several approved by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) which is chaired by Treasurer Ma.  CAEATFA works collaboratively with public and private partners to provide innovative and effective financing solutions for California’s industries, assisting in reducing the state’s greenhouse gas emissions by increasing the development and deployment of renewable energy sources, energy efficiency, and advanced transportation and manufacturing technologies to reduce air pollution, conserve energy, and promote economic development and jobs.

Edwards Lifesciences makes transcatheter heart valves, surgical heart valves, and blood flow monitoring devices. In 2011, it made the first aortic value approved in the U.S. that does not require open heart surgery to place inside the patient.

In announcing her decision, Treasurer Ma stated that Irvine’s Edwards Lifesciences is “the kind of company that we need to keep in California. Edwards Lifesciences is saving lives and keeping our state on the cutting edge of technology, and doing all of this while reducing its energy consumption.”

The sales tax benefits will be applied to the purchase of $239 million of production equipment, facility improvement, tooling equipment, lab instruments, computers, and information technology. The upgrade, according to the company, will reduce energy use by 10 percent and trim the amount of hazardous and solid waste produced by the facility.

Edwards Lifesciences employees approximately 5,000 people in Orange County.

I have had the privilege of being friends with California State Treasurer Fiona Ma for many years and have long been a supporter of her approach to business-government relations and her efforts to promote economic development and jobs while also protecting the environment.

I am very happy to see that her policies as Treasurer are having a direct and positive impact on people and businesses here in Orange County.