Dow to invest more than $340 million in R.&D.
March 5, 2010
by Jeff Gelski
INDIANAPOLIS — Dow AgroSciences will invest more than $340 million in a multi-year expansion of its global headquarters in Indianapolis, the company said in a March 4 news conference attended by Indiana Governor Mitch Daniels and Indianapolis Mayor Greg Ballard. The expansion is expected to add 550 scientific and commercial jobs over the next five years.
The first phase includes constructing a 175,000-square-foot research and development building and a 14,000-square-foot greenhouse on the company’s corporate campus.
“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,” said Antonio Gallindez, president and chief executive officer of Dow AgroSciences. “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.”
The company in 2009 announced numerous plans for expanding its research capacity, including signing a 15-year lease on an 80,000-square-foot research facility in Indianapolis and establishing a research program at the Purdue Research Park in West Lafayette, Ind.
The Indiana Economic Development Corp. (I.E.D.C.) offered Dow AgroSciences up to $12.5 million in performance-based tax credits and $205,000 in training grants based on the company’s job creation plans. Pending I.E.D.C. board approvals, the I.E.D.C. will provide the city of Indianapolis with up to $500,000 from its Industrial Development Grant Fund to assist in road, sewer and water improvements needed for the project. The city of Indianapolis has committed, pending final approvals being granted, to provide Dow AgroSciences with $20 million of property tax increment financing assistance to help defer project costs.