Local Community Development Corporations

Thursday, February 2, 2012

Business Movements: Inmar and Tengion

Tengion, whose battered stock is currently trading under $1.00/share, registered a shelf offering with the Securities and Exchange Commission yesterday enabling it to sell up to $30 million dollars worth of  Common Stock, Preferred Stock, Debt Securities, Warrants, Rights, Units, or any combination thereof over the next couple years.

In even bigger news, Inmar Corp. is again looking to expand (they added 120 jobs in October of 2011).  This time they plan to sink $62.5 million dollars into corporate infrastructure - including $24 million on new equipment and $37.5 million in other capital investments - and create 212 jobs at an average salary in excess of $72K/year.  The scary part is Inmar is reportedly looking seriously considering moving their headquarters - meaning losing the 800 jobs already in the city - and is seeking $1.75 million from the city and $1.05 million from the County in performance-based incentives.  Although not a decision-maker with all available information, this would certainly seem like a no-brainer although the Winston-Salem  Journal notes that this is one of the largest requests by an existing Winston-Salem or Forsyth County business in the 22 years of the modern economic incentive era.   The Journal also notes that as an established NC business Inmar would only be eligible for state-level incentives if they were "seriously" considering moving their headquarters out of the state.  C'mon beleaguered Perdue - let's move 'em to downtown W-S!

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