IDEXX will invest $147 million to establish manufacturing site in Wilson

RALEIGH, NC -- On July 23rd, Governor Roy Cooper announced that IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, will establish a new manufacturing plant in Wilson County, creating 275 jobs. The company will invest $147 million in Wilson.

"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.”

IDEXX, with headquarters in Westbrook, Maine, produces veterinary diagnostic and software solutions and also provides innovations that help ensure the safety of milk and water across the world, and maintain the health and well-being of pets, people and livestock. The company’s project in Wilson will establish a production facility to produce veterinary diagnostics products.

“North Carolina’s strategic decision to focus on workforce development continues to pay dividends,” said 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.”

The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.

Although wages will vary depending on the position, the average total compensation for the new positions will be $65,873, which is higher than the current average wage in Wilson County of $52,619. The new positions will bring an annual payroll impact to the community of more than $18 million per year.

IDEXX’s project in North Carolina will be facilitated, 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.

“Our region is seeing great momentum in economic development, and we’re excited to welcome these new jobs to Wilson County,” said N.C. Senator Buck Newton. “IDEXX’s decision to locate operations in our region shows people around the world that we’re the perfect location for tomorrow’s global industries.”

“Recruiting industry requires cooperation and teamwork from many people behind the scenes,” said N.C. Representative Ken Fontenot. “Our community is proud to be the clear choice for a company like IDEXX, with its reputation for excellence in its industry. We look forward to helping the company establish deep roots and success in North Carolina.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this 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.