May, 2008 Archives








New Jersey Corporate Moves

New Jersey Corporate Moves

Novo Opts to Grow in the Garden State In March, health care company Novo Nordisk announced plans to expand its U.S. headquarters in Princeton, NJ to accommodate future growth. In the past five years, the company has experienced a 150% increase in workers at its headquarters, where around 700 people are employed. The new building will have the capacity for more than 400 employees and feature an in-house training facility capable of training 100 employees simultaneously. Novo had been considering sites in Pennsylvania, California, and Massachusetts for the project. Novo Nordisk was offered a Business Retention and Relocation Assistance Act Grant of $420,000 and an estimated sales tax exemption of $1.39 million to assist with its expansion. The company is also eligible for $5.4 million in Business Employment Incentive Program assistance. “We consider the state of New Jersey and our local community key contributors to our vision, as they have been exemplary partners and have supported and encouraged Novo Nordisk’s growth in the area,” says Jerzy Gruhn, president of Novo Nordisk, Inc. Novo Nordisk’s new facility is the first of five five-story buildings to be completed at the Princeton Corporate Campus, an 800,000-square-foot master-planned office development located in Plainsboro, NJ. Tax-Exempt Bonds Yield New Jobs at Tris Pharma Tris Pharma, Inc. revealed its plans late last year to ramp up its pharmaceutical manufacturing capacity with the help of $4.9 million in tax-exempt bonds issued under the state’s Edison Innovation Fund. The company anticipates that the resulting manufacturing expansion will result in more than 50 new jobs at the site. The New Jersey Economic Development Authority (EDA) has supported the growth and development of Tris Pharma, Inc. since March 2002, and has helped the company grow from a staff of eight to more than 70 over the past five years. “The availability of low-cost capital in the form of tax-exempt bonds is a great opportunity for companies like us and helps add manufacturing capacity right here at home in New Jersey,” says Ketan Mehta, CEO of Tris Pharma, Inc. “This is the second time we have been a beneficiary of EDA’s bond program. Our continued investment in first-rate technology infrastructure is greatly facilitated by this bond-financing. The bonds, directly purchased by The Provident Bank, were issued for 10 years with a fixed, low-interest rate and interest-only payments due for the first three months. The EDA also provided a $1 million guarantee.” Innovation Fund to Aid Tech Company Expansion In April, the New Jersey EDA closed a $1 million Edison Innovation Fund […]



Massachusetts Corporate Moves

Massachusetts Corporate Moves

Success for Socaplast and Solutia in Springfield Socaplast, an international recycling business based in Belgium, recently teamed with Massachusetts’ Solutia, Inc. to create its new U.S. headquarters in Springfield, MA. Socaplast USA will invest $3.4 million in facilities and equipment and will create 15 permanent full-time jobs at its new space in Solutia’s business park. The company plans to begin operations in the middle of 2008. Socaplast selected the Springfield site over other locations in western Massachusetts and northern Connecticut because of its close proximity to Solutia. Socaplast is Solutia’s European supplier of PVB, a plastic used to make laminated glass. Solutia uses this material at its Indian Orchard, MA plant to manufacture an interlayer for automotive glass. Socaplast has developed a technique to recycle PVB foil and trimmings discarded during the laminating process. The company plans to recycle PVB trims from the region’s NAFTA laminators, including Adams and Ruxton, TJ Conway, and Industrial Transfer. “This newly acquired green credential will go a great distance as Springfield works toward an identification that is eco-friendly and nationally recognized,” says Springfield Mayor Domenic J. Sarno. Raf van der Perre, CEO of Socaplast Belgium, says his company is eager to settle into its new Springfield offices. “It is important to us that Socaplast USA is part of the Springfield business community and contributes to the economic wealth of the Commonwealth of Massachusetts,” says van der Perre. The Western Massachusetts Economic Development Council connected Socaplast with various state agencies to facilitate the expansion. Liberty Gets Technical in Springfield In April, Liberty Mutual Group began filling approximately 160 jobs at its new office in Springfield, MA, and the insurance company predicts up to 300 jobs may be created in the future. Liberty Mutual signed a 10-year lease on 55,000 square feet of office space at the Springfield Technical Community College Park and plans to open the building in the third quarter of 2008. It will meet various needs, such as claims operations and legal administration, while also serving as a customer service call center. The new jobs will offer an average salary of $35,000, plus benefits. Edmund Kelly, CEO and president of Liberty Mutual, says Springfield offers low costs and excellent highway access. “Massachusetts is not an expensive state in which to do business,” he adds, “if you stay outside of Route 495.” Tech Fund Aids Expansion in Worcester At the end of 2007, ECI Biotech received a $400,000 Emerging Technology Fund loan from MassDevelopment, a statewide development agency based in Boston. The company will […]