IPG Photonics Expanding in Oxford

The Town of Oxford received an economic boost in September with the news that the Massachusetts Economic Assistance Coordinating Council (EACC) approved tax incentives for IPG Photonics Corporation (IPG). The world’s leading developer and manufacturer of high-performance fiber lasers plans an on-site manufacturing expansion at its Oxford, MA location. The incentive, known as Tax Increment Financing (TIF), falls under the state’s Economic Development Incentive Program (EDIP) and will provide tax savings for IPG over the next 15 years.

IPG is Oxford’s largest employer. Starting with just a handful of employees in the late 1990’s and growing to 1,550 employees today, the company plans a $70 million expansion at its Oxford campus with the construction of a 170,000 square foot, four-story office, manufacturing and research facility and a new, 460,000 square foot parking garage. According to Lynn Tokarczyk, Government Incentives Consultant and founder of Business Development Strategies, Inc. (BDS), securing the TIF was an important component of IPG’s decision to expand in Oxford. The company has relied on BDS to assist with negotiating and securing government incentives for growth and expansion projects for almost two decades.

“IPG and the Town of Oxford continue the symbiotic relationship they started over 20 years ago,” said Oxford Interim Town Manager Dennis Power. “The TIF incentive will enable IPG to continue to grow while providing the town with additional revenue, infrastructure improvements and many community benefits that otherwise would not have been possible.”

IPG plans to create 400 new jobs in Oxford. It is estimated that the company and its employees spend more than $2 million dollars annually with local businesses. IPG is a respected community partner and provides valuable benefits to education and many programs and organizations in Oxford.

The Webster Dudley Oxford (WDO) Chamber of Commerce, an affiliate of the Worcester Regional Chamber of Commerce, was proud to support IPG Photonics and its request for a TIF from the Town of Oxford. “IPG is a world-class company and good corporate citizen,” said WDO Chamber President Dennis Luukko.

“There is no question the residents of Oxford recognize the value of IPG. Many voters turned out on a hot, summer night for a Special Town Meeting and voted overwhelmingly to approve the tax incentive for IPG to keep them in Oxford,” said Tokarczyk, who leads the BDS team. Since 2003, BDS has helped more than 100 companies expand, retain and create jobs in Massachusetts.

Analog Devices expanding in Wilmington

With the turn of a shovel, Analog Devices, Inc. (ADI), a leading global high-performance technology and manufacturing company headquartered in Massachusetts, is strengthening its commitment to keep and grow jobs in the Bay State. ADI has broken ground on an estimated 440,000 square feet of space consisting of office, research and development, a community hub and parking garage at its corporate campus in Wilmington. This location will also become its new worldwide corporate headquarters. ADI turned to Lynn Tokarczyk, Government Incentives Consultant with Business Development Strategies, Inc. (BDS), to assist with finding the right tax incentives for the $150 million project so all parties could benefit.

Over the last 15 years, the BDS team has helped companies in Massachusetts identify, negotiate and secure government tax incentives for real estate expansion projects that create and retain jobs and enhance the state and local economy.

“We were very fortunate to have such a seasoned team represent our incentives project and deliver a valuable result,” said Mike Errera, Analog Devices’ General Manager for the Wilmington/Chelmsford campuses.

“The Town of Wilmington is proud to partner with its largest manufacturing employer, Analog Devices, to facilitate expansion of their corporate campus here,” said Wilmington Town Manager Jeff Hull. “The local Tax Increment Financing under the state’s Economic Development Incentive Program (EDIP) will not only help Analog Devices expand and enhance its state-of-the-art corporate headquarters, it will also create additional employment options for residents and increase opportunities for local businesses.”

Tokarczyk was among the dignitaries on hand for ADI’s groundbreaking on July 11, 2018, and was recognized for her efforts to make the project a win-win proposition for ADI and the Town. “We are pleased with how the parties came together to leverage the tax incentive program and strengthen the local economy,” said Tokarczyk.