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Published On: Wed, May 23rd, 2018

IDEXX Laboratories Inc. to Invest $62M in Maine Expansion

IDEXX Laboratories Inc., the largest public company in Maine, had annual sales of $1.97 billion last year and broke ground on a $62 million expansion in Westbrook this week. The expansion will be located at One IDEXX Drive and is slated to be completed in late 2019.

The Synergy East facility expands on the Synergy Center, which opened in 2014. The new facility is an investment to build a 135,000 square foot, multi-level center. Governor Paul LePage was at the groundbreaking and stated how it’s “rewarding to see a company take off like IDEXX.”

LePage expects the new facility to continue to attract young people to Maine from across the country. IDEXX has invested billions of dollars in Maine and the Westbrook area over the past decade as the company continues to expand.

photo/Revisorweb

Young workers are flocking to the area to work at the company, with the new facility offering the potential for 600 more workers to work at the company. Workstation design and offices have state-of-the-art features, with the new facility’s conference room being able to hold 200 people.

The facility is also following the green trend and will harvest rainwater, meet LEED Gold Certification and will also have solar panels to help lower the facility’s carbon footprint.

IDEXX’s profits soared in the first-quarter of the year, signaling a positive moment for the company. Strong profits are a benefit for Maine as the diagnostic center continues to grow. The company posted 16% higher revenue in the first quarter, compared to the prior year, with revenue of $537.7. million. Income from operations also rise 23% to hit $113 million.

IDEXX is only the second company in Maine’s history to be included in the S&P 500. Unum Corp, now Unum Group, was the other company which was on the S&P 500 between 1994 and 1999. The company then merged with Provident Cos and relocated to Chattanooga, Tennessee.

IDEXX was added to the S&P 500 in 2017, replacing St. Jude Medical in the index. The S&P 500 is a list of the 500 public companies in the United States that are believed to be leading the bellwether of the economy. The company did not receive any notice that they would be added to the index, and the company thanks their employees for helping them achieve the accomplishment after 34 years of being in business.

Induction into the S&P 500 has helped push IDEXX’s shares higher, which is a main reason that the S&P 500 doesn’t alert companies that they’ll be added to the index in advance.

IDEXX’s entrance into the index comes after a consistent rise of 20% in stock prices annually since the company’s IPO in 1991. The addition to the index has helped push IDEXX into the spotlight, attracting some of the country’s best talents. Employees from across the country are expected to apply for the company’s positions in their new facility.

The company’s CEO claimed that the addition to the S&P 500 will boost the company’s investment in Maine further and will bring positive attention to the state.

Author: Jacob Maslow

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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