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Thermo Fisher Scientific Plans Covington, Kentucky, Research Operations

07/01/2024
Global life science and clinical research company Thermo Fisher Scientific Inc. plans to establish research operations in Covington, Kentucky. The approximately $48 million project is expected to create 69 jobs.

The 65,000-square-foot facility, located on West 38th Street, will allow the company’s clinical research business, PPD, to expand its sample management and biorepository operations. Construction and renovations are scheduled to begin later this year.

“Our central lab plays a vital role in helping our customers make timely, efficient and informed decisions about their clinical trials and ensure patient safety,” said Leon Wyszkowski, president of the analytical services division at Thermo Fisher Scientific. “Our expansion will enhance their ability to advance life-changing research. We are excited to expand into Covington and grow our operations in Highland Heights as a vital part of our global labs capabilities serving our customers. We value the support of state and local officials as we continue to hire talented colleagues to advance our company’s mission to enable our customers to make the world healthier, cleaner and safer.”

To support the project the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.9 million in tax incentives based on the company’s investment of $47.8 million and annual targets of: creation and maintenance of 69 Kentucky-resident, full-time jobs across 10 years; and paying an average hourly wage of $42.50 including benefits across those jobs.

Additionally, KEDFA approved Thermo Fisher for up to $250,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

“The commonwealth is seeing tremendous growth in its health care and life sciences sectors, providing high-paying, quality jobs for Kentucky residents across the state,” noted Governor Andy Beshear. “I am thrilled to see Thermo Fisher once again choosing Kentucky to locate and expand its business. I look forward to the company’s continued success here in the commonwealth as this investment adds to Northern Kentucky’s economic growth.”

In addition, Thermo Fisher can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

“With a projection of nearly 50% employment growth between 2020-2025, the life sciences industry continues to be one of the fastest growing in Northern Kentucky,” added BE NKY Growth Partnership CEO Lee Crume. “We are excited the PPD clinical research business of Thermo Fisher Scientific has chosen to expand again in the Cincinnati region, and we are thrilled to welcome new high-paying jobs for Northern Kentucky residents.”

The PPD clinical research business provides global contract research services to pharmaceutical, biotech, medical device and academic organizations. The business’ clinical development offerings include clinical trial services spanning early to late-stage trials, as well as peri- and post-approval research, while laboratory services include advanced lab testing and central lab services.

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