Teledyne Oil and Gas will make an initial $4 million investment to establish its Global Research and Development Center in Daytona Beach, creating an estimated 100 jobs.
The 50,000 square foot center will be constructed adjacent to the firm's 100,000 square foot complex at 1926 S. Williamson Boulevard. The research and development center will include a laboratory, and provide product design, testing and engineering. Space with also be created as a showcase for customer demonstrations and technical presentations.
Teledyne Oil and Gas, a business unit of Teledyne Instruments Inc., is the leading supplier of fiber optic, electric and high-power interconnect technology for the subsea oil and gas, defense and commercial markets.
"We are pleased that Teledyne Oil and Gas is cementing its presence in Florida with the formation of its global headquarters in Daytona Beach. The new operations also will strengthen our R&D sector as well as provide welcome job opportunities to Floridians," said Governor Rick Scott.
According to Volusia County Economic Development Director Phil Ehlinger, the company chose Daytona Beach because it provides the advantage of coordinating all cross-functional support including management, finance, human resources, contract administration, import and export administration, engineering, research and development, project management and quality assurance.
"Daytona Beach is excited to have Teledyne expand in our city," said Emory Counts, Daytona Beach's economic and community development director. They are a significant corporate and community partner. It is also important to note that the city and the county worked together seamlessly with Enterprise Florida and the state to help make it happen."
As an incentive to persuade the firm to establish its research and development center in Daytona Beach, Florida and Volusia County offered a package with an estimated value of $1.4 million that includes tax abatement credits based on job creation.