Briefing: Marlborough woos Hologic
Marlborough's growing reputation as a magnet for companies strengthened this month with news that Hologic Inc. wants to move its headquarters 32 miles southwest from Bedford.
Hologic already has operations in Marlborough, at 445 Simarano Dr. and 250 Campus Dr., the latter of which would become the new headquarters, according to the medical-device manufacturer.
Hologic's plan took a step forward May 18, when the City Council unanimously approved a five-year extension of the company's tax increment financing (TIF) agreement. The current TIF, which took effect in July 2007, was set to expire June 30. The extended TIF is expected to save Hologic about 10 percent, or close to $200,000, over the five years, out of an estimated $1.93 million in taxes. The company has annual revenue of about $2.6 billion.
Is this a done deal?
The extended TIF still needs approval from Marlborough's Economic Assistance Coordinating Council. Also, Hologic's board of directors must sign off on it before the company calls the moving vans.
What's behind Hologic's choice?
Numerous factors are likely at play. Costs for businesses and families are generally lower here, highway access is better, and Marlborough is becoming a life-sciences hub.
In a May 14 letter to the City Council, Mayor Arthur T. Vigeant said the company liked the city's location and its access to a well-educated workforce “with a high degree of knowledge within the life science sector.”
What will the move do for Marlborough?
Hologic already has about 450 employees, full and part time, in Marlborough. The company says that, over the next two years, moving its headquarters to the city will add 150 new full-time employees to its Marlborough workforce.
Hologic also says in documents given to Marlborough that it will make a capital investment of $7.5 million at the two locations, in addition to the $24 million it has already invested.
The move would also add to the city's trophy case of life sciences companies that have decided to call Marlborough home. The city is preparing to welcome GE Healthcare Life Sciences, which is moving its headquarters to Forest Street from New Jersey. Last summer, medical device maker Boston Scientific, formerly based in Natick, cut the ribbon for a gleaming new headquarters in Marlborough.
When big-name companies begin to cluster this way, it signals that they've found an attractive place to settle, and can make the location that much more attractive to other companies considering similar changes.
What are the basics about Hologic?
The company makes surgical and testing products, including X-ray systems that measure bone density.
The publicly traded company has been headquartered in Bedford since its founding in 1985. Its president and CEO is Stephen P. MacMillan.
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