Lockheed Gets $107 Million to Locate in Camden
New Jersey’s Economic Development Authority is giving Lockheed Martin $107 million in tax breaks to locate in Camden — moving
3,500 250 employees from the company’s current facilities just a few miles away in Moorestown.
Lockheed Martin said it plans to open two laboratory facilities next year in leased space in two downtown buildings. The sites will hold workers currently assigned to the defense contractor’s Moorestown facility, where about 3,500 employees pursue weapons research.
Without the tax breaks, Lockheed Martin planned to eliminate the jobs “due to increased competition in the defense industry,” according to the EDA’s agenda for Monday’s meeting.
Lockheed Martin will invest $146. 4 million in its Camden project, according to the EDA. It will lease about 50,000 square feet at the L-3 Communications building, at 11 Federal Street, and the Waterfront Technology Center, at 200 Federal Street.
Also Monday, the board approved tax credits worth $7.4 million to DioGenix, a Maryland life-sciences firm considering a move to Camden. The company says it could add 71 new jobs in the city.