More jobs as St. Louis area tech firm stays put
St. Louis Post-Dispatch
August 25, 2010
By Steve Geigerich
A public-private partnership that includes over $1.5 million in tax credits and other incentives has persuaded a St. Louis County technology firm to change an earlier decision to re-locate its operations to Florida.
Leinco Technologies will instead expand into a 27,000 square foot Fenton building once occupied by a supplier to the now-closed Chrysler Assembly plant.
The firm currently operates out of a 10,000 square foot facility in an unincorporated section of the county.
The decision to remain in the county means the region will retain 20 existing jobs while adding 48 new full-time positions, according to the Missouri Department of Economic Development.
A "specialty manufacturer," Leinco produces scientific research tools, testing kits and other biotechnology and diagnostic tools.
In the joint statemement announcing the deal, Leinco said its payroll already includes a number of bioscience workers displaced when Pfizer Inc. shuttered a research facility in Chesterfield last year.
The DED said funding for the expansion came from several agencies.
The semi-public Missouri Technology Corporation provided $300,000 through a biotechnology loan; the DED added $1.25 million in tax credits and other forms of assistance while the St. Louis County Economic Council chipped in a $100,000 loan.
The county also helped Leico facilitate a $1.3 million loan from the Small Business Administration.
Leinco invested $3.2 million in the project, the DED said.
