IDEXX Laboratories Plans Wilson, North Carolina, Production Operations
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Pet healthcare innovation company IDEXX Laboratories, Inc. plans to establish operations in Wilson, North Carolina. The $147 million project is expected to create 275 jobs.
The new manufacturing facility will produce veterinary diagnostics products.
“We are excited to welcome IDEXX to Wilson County and look forward to their success in eastern North Carolina,” said Governor Cooper. “Our state offers the talented workers and workforce training systems that help companies reliably produce the products their customers depend on every day.”
The project is being supported, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,872,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
The project’s projected return on investment of public dollars is 232 per cent, meaning for every dollar of potential cost, the state receives $3.32 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“North Carolina’s strategic decision to focus on workforce development continues to pay dividends,” noted North Carolina Commerce Secretary Machelle Baker Sanders. “We never take for granted the importance of a strong, well-trained workforce, and we will continue to invest in the schools and training programs that deliver results.”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) on the project were the North Carolina General Assembly, the North Carolina Community College System, N.C. Commerce’s Division of Workforce Solutions, ElectriCities of North Carolina, Inc., Wilson County, the City of Wilson, and the Wilson Economic Development Council.
IDEXX produces veterinary diagnostic and software solutions and also provides innovations that help ensure the safety of milk and water across the world.
