TRENTON, NJ—The state's Economic Development Authority approved an incentive package totaling $107 million for Lockheed Martin's proposed project in Camden.
The 10-year Grow New Jersey incentive award is for the defense contractor to develop two laboratory facilities at the existing L-3 Communications building, according to NJBiz.com.
Lockheed will invest $146.3 million for the Camden project, which will involve the relocation of 250 New Jersey-based jobs to the site from its Moorestown location.
Keith Little, senior manager for media relations and public affairs for Lockheed, says the company will look to begin operations at the newly leased facility in 2015.
“This exciting opportunity will allow us to capitalize on our core technologies and bring new solutions to our customers,” Little states. “We are proud of our strong presence in New Jersey and look forward to contributing to the Camden community.”
The Economic Development Authority approved nearly $131 million in incentives at its meeting on Monday. See story at NJBiz.com.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
