Maquet expects to create 350 new jobs in New Jersey and make a private investment totaling $40 million as a result of the expansion, according to the authority.

“Moving manufacturing to a wholly owned Maquet facility was in the best interest of the company to support our expanding United States footprint and fulfill the global needs of the newly created Maquet Cardiovascular division,” said Christian Keller, president and CEO. “New Jersey’s highly skilled workforce, excellent location and business-friendly nature will help ensure our continued expansion and success.”

The company received a Business Employment Incentive Program (BEIP) grant from the New Jersey Economic Development Authority in 2009 to support the creation of 350 new jobs, including the relocation of 12 senior managers from Europe and California. The BEIP grant was considered a major factor in the company’s decision to move part of its manufacturing operations from Puerto Rico to Wayne and further expand its presence in the state, according to the economic development authority.

BEIP grants are available to businesses expanding or relocating their workforce in the Garden State. Grants may be awarded for up to 10 years and can range between 10% and 80% of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired.

Maquet Cardiovascular was formed in 2008 by combining Maquet Cardiopulmonary with Boston Scientific’s Vascular Surgery and Cardiac Surgery divisions and the 2009 acquisition of the New Jersey-based DataScope Corp.