SyMyCo to create 80 new jobs over the next five years
August 9, 2011
SyMyCo announced Tuesday they will be a new tenant at the Danforth Plant Science Center, creating 80 new jobs in Missouri over the next five years.
Governor Jay Nixon was on-hand to make the announcement, and was joined by company and community leaders.
"We are proud that SyMyCo will be part of one of the fastest-growing sectors of Missouri's economy," said Nixon.
SyMyCo is an international bioscience company, a subsidiary of Symbiotic Sciences Ltd., headquartered in New Delhi, India, and a joint venture with Mycorrhizal Applications Inc., an Oregon company. The products produced by SyMyCo reduce the need for chemical fertilizers, while increasing crop yield and resistance to weeds and disease.
The selection of St. Louis was influenced by its proximity to the world's largest independent plant science institute, its greenhouses, and other facilities.
The state of Missouri authorized an incentive package including a low-interest loan of $250,000 from the Missouri Technology Corp. to build a specialized growth chamber, and $1 million in Missouri Quality Jobs Program tax credits.The tax credits will only be given once the required number of jobs that pay competitive swages including health insurance coverage are created.