BDS News

Invensys Secures Tax Incentives for Expansion

If you believe manufacturing in Massachusetts has gone the way of the penny candy store, then you haven't been to Foxborough, Massachusetts lately. That's where the global technology and manufacturing company, Invensys Systems, Inc., is gearing up to invest approximately $33 million in the renovation of portions of two buildings that are nearly 1 million square feet of space. The project will allow the company to keep pace with growing customer demands for its innovative products.

Tax Incentives Secured

The project was made possible, in part, by a $1.8 million Tax Increment Financing (TIF) package secured with the assistance of Business Development Strategies, Inc. (BDS), the state's leading government incentives consulting firm. The 15-year TIF will assist Invensys in remaining a world leader in the design and manufacture of measurement and instrumentation systems. In addition, the renovation project will enable Invensys to stay competitive in the marketplace with more efficient office, engineering, and research and development space.

Embedded in the community for more than 100 years, the company has a long history in Foxborough, including its long-time support for local community involvement and programs. Since the Invensys TIF was the first to be approved by the town, the company garnered support from local boards and committees. When the TIF was presented at the Foxborough Town Meeting this year, the vote was overwhelmingly positive and successful.

"Lynn Tokarczyk and the BDS team are seasoned subject matter specialists. They were able to guide Invensys through the process and achieve outstanding results," says Steve Sacco, Senior Vice President, Environment, Health, Safety & Sustainability at Invensys.

"The Invensys renovation project will provide valuable benefits to the community, including new real estate tax revenue, the retention of 900 highly skilled full-time jobs, and the infusion of approximately $6 million annually into the local economy by Invensys and its employees," explains Randy Scollins, Finance Director, Town of Foxborough. "It will allow the community to continue to provide a home for one of its most valued community partners."

Manufacturing Matters

The continued strength of manufacturing in Massachusetts has been key to job growth and keeping the state competitive in the global marketplace. BDS's success in identifying, negotiating and securing valuable government incentives for privately owned and publicly held companies like Invensys has helped to reinforce the Commonwealth's reputation as a recognized manufacturing leader.