Perrigo Plans 400 New Jobs In Michigan
5 CommentsBy Ed Silverman // July 15th, 2008 // 11:24 am
The drugmaker, which makes generics, pharmaceutical compounds and private label, over-the-counter meds, will invest $10.5 million in its existing headquarters and production facilities and receive a tax credit valued at $8.4 million over 12 years, according to the Western Michigan Business Review.
And as part of the deal, Perrigo plans to add 99 jobs over the next year toward a total of 400 jobs over five years. A Perrigo spokesman tells us the jobs will be spread across the company, including product development and quality, manufacturing and finance. The jobs directly created will pay an average weekly wage of $881. An economic analysis for the Michigan Economic Development Corp. indicates the expansion overall could generate up to 1,039 jobs in Michigan by 2020.
In addition to the state tax credit, the City of Allegan will consider a $1.4 million, 12-year tax abatement on real and personal property for Perrigo. Why so much? Perrigo “very seriously” considered shifting activities to New York or New Jersey, but the MEGA tax credits contributed to the decision to expand in Michigan.
Chris
Huge incentives hard to refuse. Is the $81 average weekly wage correct?
Ed Silverman
Hi Chris,
The correct figure is $881. Thanks for pointing it out. Now if the jobs were outsourced overseas…..
Regards
ed
Jeffrey Clark, CEO of Beaker.com - The Online Community for Life Sciences Professionals
If there is a state that has certainly overachieved in drawing life sciences investment through its Economic Development efforts, it is Michigan. Although they are not a major player in life sciences (MA, NJ, CA, etc.), they certainly making their presence felt through an aggressive campaign to attract & keep companies to their state.
At Beaker, we have a commercial presence in most of the life sciences hubs around the U.S. Maybe its time to consider Michigan?
Justice in MI
Jeff - There is a very large campus in Ann Arbor where Pfizer used to be (with some nice buildings on it). Have I mentioned the schools, hospitals, arts events, and our top tier university? The new Google offices? The trout streams? The hunting? The golf? (PGA in a few weeks) The cherries? The affordable housing and affordable everything else?
Have I even begun?
Nope.
And I don’t even get paid for this.
Justice in MI
I have a feeling others would also describe our “playership” differently too - birthplace of Lipitor, mucho devices, surgical procedures, etc..
Have I mentioned the golf?