LabCorp may get incentives to move

November 21, 2009 

Medical-testing company LabCorp wants to consolidate its billing operations and could receive nearly $900,000 in taxpayer incentives if it chooses a site in Greensboro.

The Burlington-based company is reportedly considering moving its billing operations from 24 sites across the country to one location in Greensboro or in Danville, Va. The move would bring 373 jobs to Greensboro.

On Thursday, Guilford County commissioners approved giving the company $248,791. Greensboro also is offering $373,000. And the state would contribute a $275,000 grant, Dan Lynch, president of the Greensboro Economic Development Alliance, told the Greensboro News-Record.

The jobs would pay about $27,000 a year. LabCorp employs about 28,000 workers worldwide, including more than 1,000 in the Triangle.

It is one of the country's largest medical-testing firms, conducting more than 1 million blood, DNA and other tests a day. The company reported last month that third-quarter revenue rose to $1.19 billion, up 4.4 percent from the same period last year.

LabCorp hopes to open the center by the middle of 2010, vice president Brad Morton told Guilford commissioners.

The company's stock, which is up about 25 percent in the past year, rose 29 cents to $73.66 on Friday.

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