Scientific equipment supplier will invest $97M in three new labs
(Virginia Business) Massachusetts-based scientific equipment and software supply company Thermo Fisher Scientific Inc. will invest $97 million to expand its laboratory operations into three new locations in the Greater Richmond area, a project expected to create more than 500 jobs, Gov. Glenn Youngkin announced Monday.
“Thermo Fisher’s expanding footprint and creation of more than 500 new jobs is a major win for the Greater Richmond region and Virginia’s life sciences industry,” Youngkin said in a statement. “This sector has gained significant momentum in the commonwealth due to our research institutions, skilled talent and advanced innovation ecosystem, and we are proud of the company’s developments happening right here in Virginia.”
Thermo Fisher will be adding nearly 150,000 square feet to its Richmond-area operations. It acquired the labs through its purchase of PPD Inc. in December 2021.
The company will establish two new bioanalytical labs in Henrico County at 2250 Dabney Road and 8700 Quioccasin Road, the former Toys “R” Us store that it is renovating. The third lab will be at the VA Bio+Tech Park in downtown Richmond near VCU Medical Center.
“We have a rich history in the Richmond and Henrico County region, a talent hub with respected universities and an attractive place for our employees to live and work,” said David M. Johnston, senior vice president and president of clinical research for Thermo Fisher Scientific, in a statement. “We value our strong collaborative relationship with the commonwealth of Virginia, Henrico County and the city of Richmond. These vital relationships are an important reason our laboratories employ more than 1,400 professionals and that we have expanded our bioanalytical, biomarker and vaccine sciences operations to include more than 300,000 square feet of scientific work space.”
The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority, the city of Richmond and the VA Bio+Tech Park to secure the projects. Former Gov. Ralph Northam approved a $1 million grant from the Virginia Investment Performance program, an incentive that encourages existing Virginia companies to invest capital. Northam also approved $2 million from the Commonwealth’s Opportunity Fund to assist Henrico County, and $151,952 for the city of Richmond project. Thermo Fisher is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, and the Major Business Facility Job Tax Credit for full-time jobs created.
The Virginia Talent Accelerator Program, a workforce initiative created by the VEDP and Virginia Community College System, would provide customizable recruitment and training services at no cost to the company.
Read more here.