Fort Wayne Metals plans to invest $51 million and create as many as 337 new jobs over the next five years to keep up with growing demand for its products.

Greater Fort Wayne Inc. announced today that the medical wire company announced it would build a two-story, 40,000 square-foot addition to its corporate office building at 9609 Ardmore Ave. and renovate a building at 4202 Piper Drive that it recently purchased.

The project will increase the company’s production capacity for precision wire and wire-based components for the medical device industry and other critical applications. Construction is scheduled to begin this year.

The new jobs will be created in all areas of the business: production and maintenance, business systems, thermal processing, statistical process control, regulatory compliance, production maintenance, environmental, safety and more, the company said.

“Indiana has earned a reputation as one of the world’s leading medical device hubs,” Governor Eric J. Holcomb said in a written statement. “Every day, Hoosiers are at work developing new life-saving solutions, and I’m excited to see that trend continue with the growth of our life sciences sector and industry-leading firms like Fort Wayne Metals.”

Fort Wayne Metals serves a worldwide customer base.

The Indiana Economic Development Corp. offered Fort Wayne Metals up to $84,000 in training grants and up to $3,449,000 in conditional tax credits, based on the company’s job creation plans. Northeast Indiana Works will provide the company with additional hiring and training assistance and the Fort Wayne City Council will also consider tax abatements for eligible real and personal property investments.

“As we continue to be innovative leaders of life-saving, high-quality material solutions, we are experiencing a global increase in demand,” said Troy Linder, chief financial officer at Fort Wayne Metals. “Our investment in facilities and people will help build the infrastructure necessary to meet this demand, and we are excited to be able to partner with the IEDC and Greater Fort Wayne Inc. to continue to expand our footprint in Fort Wayne.”