Pet healthcare company to add 275 jobs, invest $147 million in Wilson – Business North Carolina

A pet healthcare company based in Maine plans to build a manufacturing plant in Wilson, adding 275 jobs and spending $147 million.

IDEXX Laboratories produces veterinary diagnostic and software solutions and also milk tests and livestock tests. The project in Wilson will establish a production facility to produce veterinary diagnostics products.

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 approved by the state’s Economic Investment Committee earlier Tuesday. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1 billion. The state beat out Georgia for the plant.

Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the grant 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%, meaning for every dollar of potential cost, the state receives $3.32 in state revenue. Grant 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.

In the first three months of the year, IDEXX reported $964 million in revenue, up 7%, and operating income of $299 million. For the full year, the company is projecting revenue between $3.89 billion and $3.96 billion.

The company has 11,000 employees. It also has a lab in Greensboro that provides animal health diagnostic products and services for use in small animals, equine, poultry and dairy livestock. It also provides microbiology-based water testing products.