SMILE! CHARLOTTE CAINS A MAJOR DENTAL SUPPLIER.

• Author: Miller, Harrison
• Position: NC TREND Statewide

Charlotte gained another industry giant when Dentsply Sirona relocated its global headquarters to Ballantyne Corporate Park in October. The move, part of a plan to restructure some of the company's business operations, will see Dentsply Sirona leave its century-old home of York, Pa., for Mecklenburg County, where it will invest $3.3 million and create an estimated 320 jobs over the next three years.

Dentsply is the world's largest manufacturer of dental products and technology, producing equipment including implants, imaging systems, lab products, medical devices and endodontic and orthodontic products. Dentsply and Sirona Dental Systems, two of the largest players in the dental products industry, combined in a $5.5 billion merger in 2015.

It created an industry titan with a market value that topped $13 billion in mid-June and 16,000 employees in more than 40 countries. Financial results haven't met projections, however, prompting three senior executives to leave in 2017 and the February 2018 hiring of Donald Casey Jr. as CEO. Having worked in health care for more than 30 years, he most recently led a division of Cardinal Health, a large drug supplier. Last year, Casey oversaw plans to slash up to 9% of Dentsply's workforce by 2020 as part of a restructuring.

Dentsply cited Charlotte's talent pool, infrastructure, international airport and collaboration opportunities with local businesses and universities as key factors for the move. North Carolina's corporate tax rate of 2.5%, compared to 9.99% in Pennsylvania, and $3.94 million in state incentives over 12 years also helped. The company now employs 145 in the area and operates an academy in south Charlotte that offers networking and training for many dental industry representatives. The project is estimated to boost the state's economy by $959 million over 12 years. Dentsply is retaining 900 jobs in York, where is has a factory.

Dental equipment is a growing business, spurred by poor oral hygiene, according to New York-based Brocair Partners, a financial advisory company focused on health care. The professional dental consumables market, which includes endodontics, orthodontics, polishing and whitening products, is expected to grow to $41.5 billion by 2023, from $27.4 billion in 2017. The dental instruments market, comprised of electrosurgical systems, lasers, ultrasonic and radiology equipment, is forecasted to reach $6 billion, up from $4.7 billion. The market for dental laboratory equipment, including scanners, restoration material and articulators, is projected to increase 32% to $43 billion over the same period. Dentsply touches every part of the industry except for lab services and distribution. Technology and equipment made up 91% of its net sales in 2018.

Investors appear bullish, with shares trading in mid-June at about $57, up from $37 at the beginning of the year.

CHARLOTTE

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