PORTLAND, Maine (AP) - Veterinary diagnostics company Idexx is in line for up to $16 million in tax breaks when its new Westbrook headquarters opens next month.
The Portland Press Herald reports that the deal is expected to provide Idexx about $800,000 a year over 20 years if the company hires 80 new employees a year for 10 years and hits other benchmarks.
Giovanni Twigge, chief human resources officer, said the partnership with the state and city has been "mutually beneficial" and will allow Idexx to "help grow Maine's economy."
The Major Business Headquarters Expansion Tax Credit was created two years ago to benefit Idexx and support the company's expansion. The sponsor, Senate President Troy Jackson, said the door is open to other companies to take advantage.