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LabCorp to add 346 jobs in Greensboro

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Medical-testing company LabCorp will add 346 jobs in the Greensboro as it consolidates billing operations from across the country.

The Burlington-based company could receive nearly $1 million in tax incentives from the state, Guilford County and Greensboro, if it meets hiring and investment milestones.

LabCorp officials also had considered expansion in Danville, Va. The company is trying to cut its billing costs as the recession has weakened demand for medical, drug and genetic testing.

Guilford County commissioners and Greensboro officials last fall approved giving the company more than $620,000 in tax incentives to attract the jobs. The state promised $275,000 more in a grant from the One North Carolina Fund.

"Medical and biotechnology firms know that North Carolina is the perfect place to locate, invest and grow their operations," Gov. Bev Perdue said in a prepared statement.

The company will create 346 new jobs and transfer 50 more from a Burlington billing operation to the new office in Greensboro.

The news follows this morning's announcement that LabCorp's sales and profit rose during the fourth quarter, despite the economic downturn.

Excluding tax benefits and other one-time gains and losses, the company reported that it earned $1.16 per share, up from $1.10 the same period a year earlier. Its revenue increased 4 percent, to $1.17 billion.

LabCorp shares rose 32 cents to $71.29 in afternoon trading.

LabCorp employs about 28,000 workers worldwide, including more than 1,000 in the Triangle.

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About the blogger

Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or e-mail him.