Thermo Fisher investing $154M in Pitt County
RALEIGH — Thermo Fisher Scientific Inc. will create 290 new jobs in Pitt County, Gov. Roy Cooper announced Tuesday. The company will invest $154 million to expand its pharmaceutical manufacturing operations in Greenville.
“Thermo Fisher’s exciting announcement underscores North Carolina’s global reputation as a prime location for life sciences companies to operate,” said Cooper. “With our skilled workforce, strong industry collaboration and an innovative business climate, this decision proves, yet again, that North Carolina’s biotechnology sector is thriving statewide.”
Through its innovative solutions, equipment, technology and products, Thermo Fisher supports the research and advancement of the life sciences industry across the globe. The company has more than 80,000 employees and annual revenue exceeding $30 billion. The Greenville facility is a multi-purpose pharmaceutical manufacturing and packaging campus spanning more than one million square feet. This expansion will increase the manufacturing capacity for sterile liquid and lyophilized filling, pre-filled syringes, and solid dose continuous manufacturing.
“Our continued growth in capabilities and capacity at our Greenville site has enabled us to support our clients’ needs and the patients they serve,” said Michel Lagarde, executive vice president, Thermo Fisher Scientific. “This new investment will enable new innovation and development capabilities to respond to the accelerated demand for critical medicines and therapies. We also look forward to continued job creation and economic development in this region.”
“The strength of our life sciences industry is evident through Thermo Fisher’s increased investment in Eastern North Carolina,” said North Carolina Commerce Secretary Machelle Baker Sanders. “North Carolina is home to a diverse life science workforce and world-class universities and community colleges, who are developing the best and brightest talent in the nation. We will continue to help growing innovators improve the lives of North Carolinians and our global community for generations to come.”
The North Carolina Department of Commerce led the state’s efforts to support Thermo Fisher’s decision to expand in North Carolina. Average annual salaries are anticipated to be approximately 50 percent higher than Pitt County’s overall average annual wage of $42,801. The new positions are anticipated to bring $19.2 million of annual payroll growth to the region.
This expansion by Thermo Fisher 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 the grant, economists in the Department of Commerce estimate the project will grow the state’s economy by more than $977 million. The JDIG agreement authorizes the potential reimbursement to the company of up to $4,528,800 spread over 12 years. Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. 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.
Because Thermo Fisher is expanding in Pitt County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $503,200 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Pitt, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state’s economic tier designations is available here.
“These additional good paying jobs are greatly welcomed news for our community,” said N.C. Senator Don Davis. “North Carolina’s pharmaceutical manufacturing workforce is the third largest in the nation, and I can assure you Eastern North Carolina has the talent to support the company’s future innovation.”
“Our region is experiencing strong growth in the life sciences and that’s because of multimillion dollar investments by companies like Thermo Fisher,” said N.C. Rep. Brian Farkas. “We are committed to partnering with Thermo Fisher, on both the local and state level, as they embark on this exciting next phase of growth and continue making Pitt County their home.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, East Carolina University, North Carolina Community College System, Pitt Community College, North Carolina Biotechnology Center, Pitt County, Pitt County Economic Development, City of Greenville, Greenville ENC Alliance and Greenville Utilities.