The future for the economy may be cloudy, but that isn't stopping Dow AgroSciences from moving full-steam ahead. Dow will invest more than $340 million and add 550 high-paying job at its Indianapolis headquarters over the next five years. The announcement was made official today.
First on the agenda is construction of a 175,000 square foot research and development building. Plans also include a 14,000 square foot greenhouse. That's nearly one-third acre of new greenhouse space.
"Indiana's excitement and dedication for the life sciences is impressive and matches our own enthusiasm to deliver innovation for our customers as we make a difference in agriculture," says Antonio Galindez, president and CEO of Dow AgroSciences.
Both the state of Indiana and the city of Indianapolis offered financial incentives for Dow AgroSciences to expand here, not elsewhere. The Indiana Economic Development Corporation offered up to $12.5 million in performance-based tax credits, plus $205,000 in training grants for new jobs scheduled to be added in the future.
Mayor Greg Ballard announced that the City of Indianapolis has committed $20 million of property tax increment financing assistance, pending final approvals being granted. Meanwhile, the city will receive $500,000 form IDEC to improve road, water and sewer services to the new facility.
It was less than one year ago that rumors circulated both verbally and in print that the parent company, Dow, might put Dow AgroSciences or a portion of it up for sale to raise cash for another business deal. While thought likely at one point, that move did not materialize.
Instead, Dow AgroSciences announced a 15-year lease and addition of an 80,000 square-foot research facility at the Purdue Research Park in West Lafayette last fall. The company has also made other investments in expanded research capacity at other sites around the globe.
Dow AgroSciences' Galindez is confident expanding in Indiana again was the right move. "When you combine our infrastructure and capabilities with this positive business environment, it was a winning proposition to expand and grow our global headquarters here in order to accelerate our growth strategy. We especially thank the leaders of the city and state for their support."