LINCOLN – SenTec Inc. will relocate its regional headquarters here from Missouri and has been authorized to receive up to $518,250 in Qualified Job Incentive tax credits for at least 17 full-time jobs, Gov. Gina M. Raimondo announced on Tuesday.
The company is a subsidiary of the Swiss medical-technology company SenTec AG. Its products are mainly focused on real-time monitoring of patient ventilation and oxygenation.
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“I’m excited that SenTec has chosen Rhode Island as its new regional headquarters,“ said Raimondo in a statement. “Our efforts to support workforce development and grow Rhode Island’s health care sector were crucial factors in attracting SenTec. I’m fully committed to continuing this work so we can create more opportunities for workers and businesses in our state.”
The full-time jobs will include operation managers, sales and service technicians and back- office staff members, according to R.I. Commerce Corp. The median annual wage will be $100,000.
The tax credits were approved at a Commerce RI board meeting Monday evening. Qualified Jobs credits are only awarded after jobs are created and employees have been paying income taxes for one year.
The company has committed to maintaining at least 17 full-time jobs in the state for at least 12 years.
“SenTec joins the growing number of businesses that have chosen to land or expand here utilizing Commerce programs,” said R.I. Secretary of Commerce Stefan Pryor in a statement. “We welcome SenTec to Rhode Island and look forward to its success.”
The company currently has its regional headquarters in Fenton, Mo.
Commerce RI said that the company’s relocation to Rhode Island is expected to result in an increase of $1.4 million in personal income, sales and business corporation taxes. Gross domestic product of the state is also expected to rise by $4.82 million annually once the company’s hires are in place.
The timeline for the company’s relocation was not immediately available. Hiring is expected to be completed by 2022.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
