AMARILLO, TX (KFDA) - A large pharmaceutical company will be staying in Amarillo after a multi-million dollar deal was created to keep them from leaving.
After decades of being headquartered in Amarillo, Maxor National Pharmacy Services was looking into expansion opportunities that would cause them to move out of the city.
"We didn't want to," said Maxor's CEO Mike Ellis. "It's obviously very expensive. We've got a very large, loyal workforce in Amarillo. I took it to the city leaders and we were able to hammer something out."
The Amarillo Economic Development Corporation will pay Maxor National Pharmacy Services up to $7.5 million to keep 220 jobs in Amarillo, and work to add hundreds more.
Maxor will receive $2.5 million to up front, then the AEDC will offer an additional $5 million in performance-based incentives.
That money will be paid in increments so long as Maxor creates hundreds more jobs and expands the company.
Incentivising Maxor in this way could set a precedent to other businesses wanting to move out of Amarillo, but the AEDC does not believe that will be a problem.
They said the corporation will not do this for just any company looking to move.
"With this company, they are a passionate...for our city," said AEDC President and CEO Barry Albrecht. "And they're a good partner, so it's very important that we keep them here."
Albrecht said Maxor offers "quality jobs" that pay well above the city's average pay rate, and that the company brings millions into the city's economy.
Now there's an opportunity for them to help the city more with these incentives and more jobs.
"The pharmaceutical industry has a tendency of attracting other pharmaceutical industries, so there's a real value here," said Albrecht.
The city council approved the incentive agreement Tuesday evening.
Maxor is looking into expanding their facilities to accommodate more workers, but have no concrete plans to do so yet.