Bayer Healthcare Retains Jobs, Invest in St Joseph
(St. Joseph, MO) -- The st. Joseph Chamber of Commerce’s economic development efforts have helped keep more than 120 local workers employed. On Monday, Bayer HealthCare formally announced about $6.5 million of investments for its st. Joseph manufacturing operations.
The st. Joseph economic Development Partnership worked diligently to help secure local and state incentives to keep Bayer HealthCare’s investment in st. Joseph. The company (formerly Teva Pharmaceuticals Industries) is a major component in st. Joseph’s standing in the animal Health Corridor.
“It was of the utmost importance for these jobs to be secured,” said R. Patt lilly, President & CeO of the st. Joseph Chamber of Commerce. “The threat was very real that Bayer may have left the community. we are very happy that we were able to help negotiate a deal to keep these workers employed and to keep this stake in the animal Health Corridor in st. Joseph.”
The City of st. Joseph’s Chapter 100 program, Buchanan County and the state of Missouri all provided the incentives required to make this project happen in st. Joseph. Tax abatements were provided on project-related real property improvements and new machinery at the company’s 48th street campus. a Buchanan
County forgivable loan also was given to Bayer HealthCare in the amount of $200,000 for training on new equipment and moving costs associated with the consolidation of the Mitchell woods quality control lab facility to the 48th street campus.
In St. Joseph, Bayer Health Care performs research and development, as well as manufacturing of products for a line of animal pharmaceuticals.The state of Missouri’s Retention works program provided more than $1.35 million in benefits to Bayer HealthCare over a period of eight years. This program is used for eligible companies that otherwise would relocate out of state. The Missouri works Training program provided $50,000 for training costs. all incentives were based on the employment level maintaining at least 120-125 employees in st. Joseph, with the average annual salary of the retained jobs at least $59,000 plus benefits. The incentive package was based on a $4.5 million investment originally outlined by the company.