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(The Center Square) – Packages bringing Italy’s Bracco Imaging to manufacture in America for the first time could exceed $10 million through the city of Sanford, Lee County, and North Carolina.
The first U.S. location for the global leader in diagnostic imaging is expected to result in 200 jobs and be yet another boost to the growing life sciences, pharmaceutical and healthcare industry of the state. Respective public notices indicate more than $3 million in property tax incentives from Sanford; incentive payments totaling $3.7 million spread over six years that is equal to 60% of county ad valorem taxes; and the state’s Job Development Investment Grant worth up to $2.9 million spread over 12 years.
North Carolina’s Job Development Investment Grant program is overseen by the state Commerce Department. Funding is discretionary and based on performance. No taxpayer money goes out up front; rather, jobs created, wages and capital investments are in the equation as is the economic stress level of the counties as rated in three tiers by the state.
In a statement provided for The Center Square, Commerce Secretary Lee Lilley said in part, “Bracco’s decision to choose Lee County reflects the strength of our region’s life sciences sector and the momentum we continue to build. Through the First in Opportunity strategic plan, we’re advancing workforce training, encouraging innovation, and creating an environment where companies can grow, innovate, and deliver long-term economic value.”
Consolidated annual revenues of Bracco is about $2.2 billion, according to data, research and insights firm PitchBook. Economists question the effectiveness of financial incentives to businesses to expand or come to a new state.
In a statement provided for The Center Square, Vice Chairman and CEO Fulvio Renoldi Bracco said in part, “Producing injectable contrast media here in Sanford brings our supply closer to American hospitals and patients and makes it even more resilient. We chose North Carolina for its talent and life sciences ecosystem. As a family-owned company, we invest for the long term, and we look forward to growing with the Sanford community for decades to come.”
Sanford in August was announced as a home to a $600 million factory for Steris from the healthcare industry. Kyowa Kirin, of Japan in the pharmaceutical industry, in 2025 broke ground on a $530 million manufacturing facility.
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