Marlborough is about to become home to another life sciences company. Bedford-based Hologic Inc. plans to move its headquarters to the city. The relocation would add 150 employees to the 450 who currently work at two Hologic offices in Marlborough.
Hologic, a manufacturer of a variety of testing and diagnostic equipment, has asked the City Council to extend a tax-increment financing, or TIF, agreement for five years through the city’s 2020 fiscal year. The company’s current TIF took effect in July 2007 and is scheduled to expire at the end of June, the close of the city’s 2015 fiscal year.
“Hologic’s interest in expanding their operations in Marlborough is an affirmation of Marlborough’s continued economic growth,” said Mayor Arthur Vigeant in a letter to the council. According to Mayor Vigeant, Hologic is making the move to benefit from Marlborough’s location and the area’s “well educated workforce with a high degree of knowledge within the life sciences sector.”
The agreement between Vigeant’s administration and Hologic comes amid the city’s preparations to welcome GE Healthcare Life Sciences. The division of General Electric announced last year it would move its headquarters from New Jersey to Marlborough. The addition of a GE division within city limits is expected to add more than 200 jobs to the approximately 300 already slated to move into a new headquarters on Forest Street.
Hologic said that under the current agreement with the city, it expects to generate 150 new jobs within two years. The company plans to fill those positions by drawing from qualified residents of the city and surrounding communities.
The company has an annual revenue of about $2.6 billion. In its most recent quarterly statement, the company reported a 5 percent gain in revenue with net profits of $47.8 million. Hologic’s tax deal with the city is expected to save the company approximately 10 percent, or nearly $200,000, over the next five years on its estimated obligation of $1.93 million.
