Today Governor Josh Stein announced Bracco, a global leader in diagnostic imaging, will create 200 jobs and invest $230 million in opening its first U.S. location to manufacture contrast media in the Lee County city of Sanford.
“I am pleased to welcome Bracco and its investment to North Carolina,” said Governor Josh Stein. “Our longstanding strengths in manufacturing, innovation, and workforce development have created a robust ecosystem that gives companies like Bracco the confidence to invest here.”
Founded in 1927, Bracco Imaging is a multinational life sciences company and a world leader in imaging diagnostic productions, contrast agents, medical devices, and related solutions for health care providers. Bracco Imaging has headquarters in Milan, Italy, and production facilities in Europe, Asia, and Canada. The new sterile manufacturing plant will support the growing demand for injectable contrast media, resulting in shorter delivery times and lower transportation costs.
“For almost 100 years, Bracco has been guided by one purpose: improving people’s lives. The United States is our largest market and home to many of the patients we serve,” said Fulvio Renoldi Bracco, Vice Chairman and CEO of Bracco Imaging. “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.”
“Bracco’s decision to choose Lee County reflects the strength of our region’s life sciences sector and the momentum we continue to build,” said N.C. Commerce Secretary Lee Lilley. “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.”
New positions include manufacturing, engineering, and technical roles, along with support operations, quality, warehousing, and administrative positions. These new jobs could create a potential annual payroll impact of more than $20.6 million for the region.
Bracco’s operation in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) that was awarded to Bracco Imaging Operations USA LLC and approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1.78 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,859,300, spread over 12 years. State payments occur only following performance verification each year by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
The project’s projected return on investment of public dollars is 397 percent, meaning for every dollar of potential cost to the state, the state receives $4.97 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Bracco chose a site in Lee County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $317,700 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities anywhere in the state finance necessary infrastructure upgrades to attract future business.
“These new jobs and investment are great news for Lee County,” said Senator Jim Burgin. “This expansion is a strong vote of confidence in our community, our workforce, and our ability to support the company’s next phase of growth.”
“We are proud to welcome Bracco Imaging to Sanford,” said Representative John Sauls. “The life sciences industry is booming in North Carolina, and Sanford is excited to be at the forefront of its growth innovation.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, Commerce’s Division of Workforce Solutions, the North Carolina Biotechnology Center, the North Carolina Community College System, Central Carolina Community College, Lee County, Sanford Area Growth Alliance, City of Sanford, and Duke Energy.