METHUEN — Three Methuen companies will be among 13 companies to participate in the state’s Economic Development Incentive Program (EDIP).
The 13 projects are expected to create 717 jobs and retain 935 jobs throughout Massachusetts, while leveraging approximately $172.6 million in private investment, according to a statement released Wedneasday by state’s the Economic Assistance Coordinating Council.
“Economic development incentive funding helps companies across Massachusetts realize growth and expansion opportunities that drive statewide economic growth,” Gov. Charlie Baker said in the statement. “Expansion and hiring incentives are a cost-effective part of our push to make Massachusetts business friendly, and to catalyze significant, sustained economic growth across the Commonwealth.”
The EDIP is the state’s investment tax credit program for businesses. The tax credits and other incentives are available to companies that make qualifying investments in new facilities and create new jobs.
The three Methuen projects are Jessica’s Brick Oven, Inc., Globus Medical, Inc. and New England Die Cutting, Inc.
Jessica’s Brick Oven is a wholesale bakery established in 1997 and plans to purchase the former General Mills / Yoplait Columbo factory in Methuen and add 25 new employees to its current 120 member workforce. The company anticipates making an investment of $10.5 million. The city of Methuen has approved a 10-year TIF valued at approximately $105,000. The EACC approved $375,000 in investment tax credits.
Globus Medical is a medical device company focused on products for patients with musculoskeletal disorders. It recently acquired property to be renovated to serve its research and development, manufacturing, and distribution needs. The new facility will house the company’s Robotics, Imaging, and Navigation Division.
This project will result in the creation of 20 new positions, retention of 26 existing jobs, and a private investment of $8.7 million. The City of Methuen approved a TIF of approximately $206,000.
New England Die Cutting was founded in 1982 and provides gaskets and seals to the military and medical industries. By moving the business to a state-of-the-art 101,000 square feet facility in Methuen, it plans to expand by 15 percent annually. For this project, the company will add 13 new employees and retain 31 existing employees. They plan to make a private investment of $5.4 million. The city of Methuen awarded a TIF agreement valued at approximately $98,000.