Dow AgroSciences has announced plans for a $340 million expansion of its Indianapolis headquarters that is expected to create 577 high-paying jobs over the next five years. The investment will greatly expand the company’s research and development capacity.
The company expects most of the positions to pay between $65,000 and $95,000 annually. Dow AgroSciences, a subsidiary of Midland, MI-based giant Dow Chemical Co., produces agricultural products including seeds and pesticides. It has made a major push into biotechnology, and plans to roll out five products by 2012 that could generate $800 million annually in new sales.
The first phase of Dow AgroSciences’ expansion will be the addition of a 14,000-square-foot greenhouse and a 175,000-square-foot research and development facility at its corporate campus on the city’s northwest side. The greenhouse should be finished by year’s end, according to the company, while the R&D facility slated to open in early 2012.
The Indiana Economic Development Corp. gave Dow AgroSciences $12.5 million in performance-based tax credits and another $205,000 in training grants to encourage the company’s expansion. The city of Indianapolis will kick in another $500,000 from its Industrial Development Grant Fund to help pay for road, sewer and water improvements related to the project. Indianapolis has also committed to establish a property tax increment financing, or TIF, district to help Dow AgroSciences defer $20 million in project costs. The TIF district must be approved by city and state officials.
Indiana Gov. Mitch Daniels and Mayor Greg Ballard joined Dow AgroSciences CEO Antonio Galindez on Thursday morning to announce the expansion. “R&D leadership in the life sciences is a dream of every state in the union,” Daniels said in a press release. “Here in Indiana, it’s not a dream, but a vibrant reality, and Dow AgroSciences’ steady growth is a major reason why. This expansion makes Indiana a true world capital of agricultural science.”
Dow AgroSciences’ expansion announcement follows two expansions last year. In July, the company signed a 15-year lease resulting in construction of an 80,000-square-foot R&D building adjacent to its headquarters. In September, Dow AgroSciences said it will expand its presence in Purdue University’s West Lafayette Research Park, adding up to 30 jobs.
You might like:
- 3D Systems Expanding In Tennessee
- Amazon Adding Two New Fulfillment Facilities In California
- Business Report: Illinois Leaders Form Non-Profit to Spur Job Creation
- Industry Focus: Aerospace Sector Is Flying High Again
- Kansas City Launches “Smart City” Initiative
- Data Cowboys
- Leading FDI Experts Analyze Global Trends At LiveXchange
- Michigan Hot Dog Maker To Expand, Hire 140 Workers
- Last Chance
- Chicago Celebrates Technology Startup Hub Expansion, 700 New Tech Jobs
- Mitsubishi Heavy Industries HQ Moving To Texas
- State Focus: New York – Accelerating Biotech Innovation In The Empire State
- Shopping Bag Manufacturer Creating 100 Jobs In Georgia
- Automotive Parts Supplier Expanding In Indiana
- SIG SAUER Moving Ammunition Manufacturing To Arkansas
- Salesforce To Grow Regional HQ, Add 800 Jobs In Indiana
- Advanced Manufacturing Industry: Dynamic Advancements
- Two-Way Street