IN: Bio-tech Firm POLARIS Grows Headquarters with $4.72M Investment
24 May, 2013
POLARIS Laboratories®, LLC, a fluid analysis company, announced plans to expand its headquarters in Indianapolis, Indiana, creating up to 25 new jobs by 2016.
The homegrown-Hoosier company will invest $4.72 million to expand into a 61,000 square-foot facility located at 7451 Winton Dr. in Indianapolis. The expansion, which is expected to be completed this fall, will house new processing laboratories to help the company process additional samples and improve lab workflow.
"High-growth, bio-tech companies like POLARIS Laboratories® continue to find the resources they need for success in Indiana," said Eric Doden, president of the Indiana Economic Development Corporation. "Hoosier universities produce highly educated students, ready to help companies reach and exceed their goals. Combined with our low-tax, businesses-friendly policies, Indiana is a state that works for business."
POLARIS Laboratories®, which currently employs more than 130 full-time Hoosiers at its Indianapolis facility, has already begun the process of hiring additional laboratory technicians, data analysis technicians, administrative staff and customer support staff.
"Indiana has provided a wonderful platform for the company's growth, and the success of the company is directly attributable to the hard work and dedication of our employees," said Bryan Debshaw, chief executive officer of POLARIS Laboratories®. "Without their efforts, we would not be able to provide the excellent service our customers rely on to optimize their equipment."
Founded in March 1999, POLARIS Laboratories® began as a small laboratory focused on providing the analysis of in-service lubricants, coolants and fuels. Today, the company's network includes seven laboratories that serve more than 165,000 customers in more than 90 countries around the world.
The Indiana Economic Development Corporation offered POLARIS Laboratories®, LLC, up to $100,000 in performance-based tax credits and up to $70,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis supports the project at the request of Develop Indy, a business unit of the Indy Chamber.
"POLARIS Laboratories® decision to expand its company headquarters and add jobs in Indianapolis is just the latest example of our city's growing economic strength," said Indianapolis Mayor Greg Ballard. "The city is on pace to have one of its best years in attracting new and retaining existing jobs due to companies like POLARIS Laboratories® and many others investing in Indianapolis."
About POLARIS Laboratories®
POLARIS Laboratories® is an independent fluid analysis company headquartered in Indianapolis, Indiana. The company analyzes oil, fuel, coolant and water-based fluids to provide maintenance recommendations that reduce maintenance costs, improve equipment reliability and minimize unscheduled downtime for companies in the transportation, oil and gas, construction, mining and power generation industries. POLARIS Laboratories® uses ISO 17025 A2LA-accredited methods at its seven laboratories to ensure consistent test results. The company serves more than 165,000 customers in 90 countries directly and through more than 150 private label fluid analysis programs, such as Chevron, Phillips 66, Ingersoll Rand, MTU and Cummins.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.