MADISON, Wis. (AP) – Global life sciences company Eurofins Scientific plans to buy land in a Madison business park and build a $35 million laboratory and office building that could house nearly 500 employees.
Madison’s economic development director tells the Wisconsin State Journal that Eurofins will pay about $1 million for 22 acres. Another $1 million will be forgiven if the company retains 375 full-time employees at the site for four years.
The arrangement also includes having the city pick up a large part of the bill to extend municipal services to the site.
Eurofins is new to Madison, but its employees aren’t. Eurofins bought the Covance Food Solutions business from Covance parent company LabCorp in August for $670 million cash. Covance has long been one of Madison’s largest employers, with nearly 400 workers.