Canon Healthcare Moves U.S. Headquarters to Cleveland with $33.7 Million Investment
Cleveland, Friday, 28 February 2025.
Canon Healthcare is relocating to Cleveland, transforming the former IBM building into a cutting-edge imaging and research center, creating 50 new jobs and enhancing regional economic growth.
Strategic Location and Investment Details
The 43,000-square-foot facility, situated adjacent to the Cleveland Clinic’s main campus, represents a significant expansion of Canon’s presence in the U.S. healthcare market [1][2]. The investment includes comprehensive building improvements, machinery, and equipment installations, with Canon securing the former IBM Explorys building on February 3, 2025 [3]. The facility’s location within the Cleveland Innovation District positions it strategically within a $500 million public-private partnership ecosystem [2].
Economic Impact and Job Creation
The initiative promises substantial economic benefits for the region, with Canon creating 50 full-time positions averaging $150,000 in annual salary, generating a total annual payroll of $7.5 million [1][2]. To support this expansion, the Ohio Tax Credit Authority has approved a 2.842 percent, 10-year tax credit, while the City of Cleveland has extended a five-year, 50% payroll tax credit on the 2.5% income tax withheld by Canon [1][3].
Research and Development Focus
The new headquarters will serve as a comprehensive imaging resource center, focusing on developing innovative technologies across multiple imaging modalities including MRI, CT, nuclear medicine, ultrasound, and X-ray [2]. Through its partnership with Cleveland Clinic, announced in November 2023, Canon will establish cross-institutional teams of clinician-scientists and engineers, concentrating on advancing medical imaging in cardiology, neurology, and musculoskeletal care [2]. As stated by Dr. Serpil Erzurum, Cleveland Clinic’s chief academic and research officer, ‘Bringing together our collective strengths enables us to accelerate pioneering developments in medical imaging and quickly bring these new advances to patients’ [2].
Future Implications and Regional Growth
Canon Healthcare USA’s President Hisashi Tachizaki emphasized the company’s commitment to improving patient care through innovative technology based on their ‘Made for Life’ philosophy [3]. The establishment of this headquarters within the Cleveland Innovation District is expected to enhance Ohio’s reputation in attracting healthcare companies to the northeast region [3]. The project represents a collaborative effort among various entities including JobsOhio, Team NEO, the Ohio Department of Development, Greater Cleveland Partnership, Cuyahoga County, and the City of Cleveland [3].