Covance to invest $5.7m in new equipment, hire 203 at Indianapolis site
Princeton, NJ-headquartered Covance Central Laboratory Services Inc. (CLS) has requested an Economic Revitalization Area (ERA) designation from the Indianapolis’ Department of Metropolitan Development and has submitted two separate tax abatement requests pertaining to its 352,000 square foot site in Indianapolis.
In its application for real property tax abatement, Covance outlined plans to expand the facility by 20,000 square feet, including approximately 10,000 square feet for storing clinical trial samples at temperatures below 20° C. The estimated construction cost is $11.8m, with work expected to be completed at the end of this year.
New equipment to be added at the site includes “IT equipment, software, and freezers," according to the personal property tax abatement application. The equipment, for which the company is seeking tax abatement, is valued at approximately $5,676,000.
“If not installed, the impact to the business would inhibit the growth of laboratory operations and the expansion of technology. Without this additional space dedicated to innovation, our ability to remain competitive in our industry will be diminished, which could lead to the loss of future contracts and, as a result, a possible loss of jobs,” reads the application signed by CLS president and global general manager, Paul Kirchgraber.
Covance also said it needs to expand its sample storage capacity, “as we will soon be out of space and will not be able to maintain our commitments to clients.”
The total number of new employees expected to be hired over the next three years is 203 –35 new positions in year one, 75 by 2020, 131 by 2021, and 203 by 2022. Sample job titles include med tech, R&D specialist, senior technician, pre-analytical lab assistant, which are among the positions of the facility’s current staff of 1,530.
Covance told us that it does not have any additional information to share at this time.
