Economic development roundup: Life sciences company expansion to create 290 jobs
(The Center Square) – Life sciences company Thermo Fisher Scientific will invest $154 million to expand its pharmaceutical manufacturing operations in Greenville, North Carolina Gov. Roy Cooper said.
The investment is expected to create 290 jobs in Pitt County. Thermo Fisher Scientific supports the research and advancement of the life sciences industry, and its Greenville facility is a multipurpose pharmaceutical manufacturing and packaging campus.
“Our continued growth in capabilities and capacity at our Greenville site has enabled us to support our clients’ needs and the patients they serve,” Thermo Fisher Scientific Executive Vice President Michel Lagarde said. “This new investment will enable new innovation and development capabilities to respond to the accelerated demand for critical medicines and therapies. We also look forward to continued job creation and economic development in this region.”
Thermo Fisher Scientific will receive a Job Development Investment Grant (JDIG) over a 12-year term. Based on job creation and investment targets, the JDIG agreement authorizes reimbursement to Thermo Fisher Scientific up to $4.5 million. The project is estimated to grow the state’s economy by more than $977 million, North Carolina Department of Commerce economists estimated.
Corning Optical Communications: The fiber network company will invest $150 million to expand in Catawba County. The investment is expected to create 200 jobs. Corning operates cable facilities in Hickory, Newton and Winston-Salem, and optical fiber facilities in Wilmington and Concord.
The company will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to Corning up to $2 million.
Vantaca: The software company will invest $4 million to expand in Wilmington. The investment is expected to create 104 jobs in New Hanover County. Vantaca will receive a JDIG over a 12-year term. Based on job creation and investment targets, the JDIG agreement authorizes reimbursement to Vantaca up to $1.4 million.
Mohawk: The flooring manufacturer will invest $87 million to expand its laminate manufacturing facility in Thomasville. The investment is expected to create 87 jobs in Davidson County.
Mohawk will receive a performance-based One North Carolina Fund grant of $175,000 to aid the expansion if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.
Fidelity Investments: The financial services company will add more than 1,500 entry-level jobs in Research Triangle Park. Fidelity announced in May it was creating a new regional center at its existing campus in Research Triangle Park.
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