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$3B company relocating HQ from California to North Texas
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.
Topics: Texas, Dallas, jobs, Employment, economy, Growth
Dallas-Fort Worth economy remains strong & continues to grow!
The Dallas–Fort Worth economy continues to expand. The June jobs report indicated employment growth moderated, with DFW adding jobs at the slowest pace so far this year. Overall, the DFW economy remains strong, with 3.2 percent annualized job growth year to date. The unemployment rate ticked up in Fort Worth but remained flat in Dallas. Business-cycle indexes for both metros pointed to continued expansion. Home sales growth has been essentially flat in the first half of 2018, and inventory has ticked up but remains tight.
Topics: Dallas, Texas, economy, Employment
Texas to pass Iraq and Iran as world's No. 3 oil powerhouse
Don't mess with Texas. It's a global oil superpower.
The shale oil boom has brought a gold rush mentality to the Lone Star State, which is home to not one but two massive oilfields.
Topics: Texas, Oil, Superpower, OPEC, Employment, Job, Labour
Dallas–Fort Worth economy expands at a torrid pace, 55000 new jobs added this year!
The Dallas–Fort Worth economy continued to expand at a torrid pace. The May jobs report showed the metro area growing at a 3.7 percent annualized rate in the first five months of the year, adding a total of 55,500 net new jobs. The unemployment rate remained near record lows, and the Dallas and Fort Worth business-cycle indexes posted above-trend growth. Home-price appreciation moderated in Dallas in the first quarter but stayed strong in Fort Worth. Housing affordability improved slightly in the first quarter but was lower in Dallas relative to other major Texas metros as well as the U.S.
Topics: Dallas, Texas, economy, jobs, Employment, housing, real estate
D-FW dodges overbuilding thanks to steady flow of new jobs
The current real estate cycle is now well past middle age.
Analysts are pondering the life expectancy for North Texas' building boom.
By now in most building cycles, it's typically time for overbuilding. So far there's no sign of a glut building in Dallas-Fort Worth's development sector.
"With D-FW topping charts across U.S. construction totals, some question if, or when, this new supply will outstrip demand," CBRE research director Robert Kramp says in a new report. "The market is different now than past expansion cycles for several key reasons and it impacts all major asset types across D-FW - mainly due to job growth and population gains."
With almost 400 people a day moving to North Texas to fill new jobs, there's so far room in the local real estate market for more building, Kramp concludes.
About 40 percent of the office buildings under construction in North Texas are already spoken for by tenants. And 50 percent of the warehouses being built are already leased.
"By the close of 2017, 22 new office projects were in the pipeline totaling 4.4 million square feet, with the majority being speculative," Kramp found. "D-FW industrial developers delivered 26.8 million square feet of industrial space in 2017 -- a market record; 20.6 million square feet was absorbed immediately.
"Developers delivered 102.3 millions square feet since 2009, more than the total existing Austin and San Antonio industrial market inventories combined."
While North Texas employment growth is forecast to slow to below 100,000 jobs this year, the economy is still expected to be one of the strongest in the nation. It should be enough to support the current pace of building.
"Since 2010, D-FW has seen 16.7 million square feet of new office space completed," Kramp said. "Meanwhile, 96.7 million square feet of industrial space was added to the Metroplex inventory and 115,499 multifamily units constructed.
"No wonder D-FW developers have been busy."
By Steve Brown, Real Estate Editor. Original article published on April 2, 2018 and a link to it can be found here.
Topics: real estate, Employment, jobs, EB-5