WORCESTER BUSINESS JOURNAL – Marlborough is on the verge of becoming home to another life sciences company as Bedford-based Hologic Inc. wants to move its headquarters to Marlborough, adding 150 employees to the roughly 450 who work at the company’s two offices in the city.
Hologic, which makes an array of testing and diagnostic equipment, is asking the City Council to extend a tax-increment financing, or TIF, agreement by five years through the city’s 2020 fiscal year, according to documents provided to the Worcester Business Journal. The company’s current TIF, which took effect in July 2007, is set to expire June 30, the end of the city’s 2015 fiscal year.
In a letter to the council, Mayor Arthur Vigeant said Hologic is making the move because of Marlborough’s location, and its access to a “well educated workforce with a high degree of knowledge within the life sciences sector.”
“Hologic’s interest in expanding their operations in Marlborough is an affirmation of Marlborough’s continued economic growth,” the letter read.
The agreement between Hologic and Vigeant’s administration comes as the city is preparing to welcome GE Healthcare Life Sciences. Last year, the division of General Electric announced it would move its headquarters to Marlborough from New Jersey, adding more than 200 jobs to the roughly 300 who will either move to Marlborough or who already work for GE at other offices in the region and will move into the new headquarters on Forest Street.
Under the agreement with the city,Hologic said it will create 150 new jobs within two years, leaning toward “qualified residents” of the city and surrounding communities. According to documents being provided to the City Council, Hologic is expected to save about 10 percent, or close to $200,000 over the five years, out of an estimated $1.93 million in taxes.
Hologic’s intended move is also subject to approval of its board of directors, according to a May 8 letter by the company’s chief operating officer, Eric Compton, to Vigeant.
Hologic’s two facilities in Marlborough are at 445 Simarano Dr. and 250 Campus Dr., which would become the headquarters, the company said in documents.
Hologic has annual revenue of about $2.6 billion. In its most recent quarterly statement with the U.S. Securities and Exchange Commission, the company said it gained about 5 percent in revenue, to $655.5 million, and turned a net profit of $47.8 million, a swing of more than $64 million following a $16.8 million net loss during the same quarter in 2014.
Hologic’s stock trades on the Nasdaq under the symbol HOLX.
This article by Rick Saia originally appeared here.