UPDATE: Incentives helped PrincetonOne choose Indy

April 12, 2007

Its past work with Eli Lilly and Co. and the presence of central Indiana’s universities led executive search firm PrincetonOne to commit to adding 200 jobs in Indianapolis, the company said today.


And $2.1 million in city and state incentives didn’t hurt, either.


The city offered PrincetonOne $55,600 in tax abatements, and the state offered $2 million in tax credits and a $60,000 training grant.


The expansion, first reported by IBJ yesterday, was made in a formal announcement this morning.


The New Jersey-based firm has 19 locations in the United States, Europe and Asia. But Indianapolis accounts for 40 percent of its business and has been its fastest-growing market, CEO Dave Campeas said in an interview.


“Indianapolis has always been a very strong location for us,” Campeas said. “This area has such a well-educated, very strong work force. … It made sense to put it here.”


PrincetonOne will pay an average of $70,000 a year to its new employees, who will be hired over five years. They will join about 75 employees already working at the company’s 36 S. Pennsylvania St. offices.


The $3.9 million expansion includes costs from PrincetonOne’s consolidation in October of its Carmel and Greenwood offices to its present location.


PrincetonOne, formed in 2002, claims it is one of the nation’s 10 largest staffing firms. It has done work for such companies as Xerox Corp., GlaxoSmithKline and Microsoft.


PrincetonOne helped Lilly launch a new infectious disease drug by training and helping Lilly hire 200 sales people for specific markets. The 6-month staggered process was designed “to save Eli Lilly from hiring employees before they were ready,” according to the company’s Web site. It did not name the drug for which the sales people were hired.


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