Thermo Fisher Scientific, an international scientific technology company with annual revenues of more than $10 billion, is moving to Tewksbury and bringing with it 400 jobs.
In addition, as part of a tax incentive deal, the company will be expanding to add an additional 100 jobs over the course of the next five years.
Thermo Fisher, which employs more than 35,000 people in the United States, Latin America, Asia, Canada and Great Britain, will be relocating one of its facilities to a vacant complex at 2 Radcliffe Road near Ames Pond, according to Town Manager Richard Montuori.
"It's a good company, a solid company," said Montuori. "Bringing this business into town will be a real boost to the local economy."
The company is the first to relocate to Tewksbury since the town was recognized as an Economic Target Area by the state. Companies moving to areas with ETA designations qualify for state tax and local tax breaks.
The local tax breaks come in the form of a tax incentive package known as a TIFF. Montuori and Community Development Director Steve Sadwick negotiated a 20-year TIFF with Thermo Fisher with calls for a 50 percent break on property tax in the first year, 45 percent the second year, etc. through year 10. The company will get a five percent break on property taxes the final 10 years of the deal. The discount does not apply to any value the company adds to the property, such as an addition.
In exchange, Thermo Fisher has committed to expanding its operations to add at least 100 jobs over the next five years.
"It's an aggressive TIFF," said Montuori. "I think it shows that we are serious about brining businesses to Tewksbury."
"It is encouraging that Thermo-Fisher has taken advantage of our TIFF opportunity," said Selectman David Gay, chairman the Economic Development Committee. "The residents of Tewksbury should be proud of the hard work of the EDC, our Director of Community Development and our Town Manager to bring our first TIFF agreement to fruition."
While negotiated by Mntuori and Sadwick, the TIFF deal with Thermo Fisher is not official. Voters at the Oct. 4 Special Town Meeting still need to give the deal their stamp of approval. The item is article 10 on the STM Warrant.
A Thermo Fisher spokesman could not be reached for comment.